Cenvat on Marchinery sold in same financial year

[Krishan Gopal]

Dear Sir,

Please advise we have purchase machinery in Aug.2013 (as per rule 4(2)(a) we have claimed only 50 percent of CVD) and sold in March 2014 (as per rule 3(5A) we have reversed 92.5 percent of CVD i.e. 100-2.5*3qtr)Is it mandatory balance 50 percent CVD must be claimed in March 2014 or we can claim in April 2014 due toexcess cenvat in our books

Regards,

K. Gopal

AI Summary

Claim Remaining CENVAT Credit for Machinery in March 2014; Review Rules for Depreciation Calculation Guidance. A user inquired about the CENVAT credit process for machinery purchased in August 2013 and sold in March 2014. They initially claimed 50% of the CVD and reversed 92.5% upon sale. They asked whether they must claim the remaining 50% in March 2014 or can defer to April. Two responses advised claiming the remaining credit in March 2014 and then calculating the liability based on depreciation rules, suggesting a review of the CENVAT credit rules for further guidance.