Company has busines of Restaurant has given contract for renovation of newly leased premises( lease period is 5yrs) of Rs.500,000/- same Amount was capitalised and depreciated over period of lease.
Company has paid ST of Rs. 24500/- to the contractor (abatment @ 30%) and also paid ST of Rs. 24500/- under RCM (after abatment value)
Now My query is
Can company Claim Cenvet of ST paid to contractor & RCM paid as per rule ? on such capitalised assets of renovation expenses.
Also give rule or section for avail of cenvet. and give supporting case laws
Thanks in Advance
CA RAJESH CHHEDA
CAclubindia
