Cenvat Credit

[Rizwan Ullah]

Assessee purchased certain machinery classified as capital goods falling under Ch- 84 , due to some reason assessee could not take cenvat credit on that invoice issued in 2014. Is Assessee eligible for taking cenvat credit on such invoice in 2016.?

AI Summary

Cenvat Credit on 2014 Machinery: Rule Change in 2015 Limits 2016 Claims, Debates on Capital Goods Continue. An individual inquired about the eligibility to claim Cenvat credit on machinery purchased in 2014, seeking to take the credit in 2016. Responses varied: one suggested that 50% of the credit should be taken in the year of purchase, with the remainder available in subsequent years. Another noted a rule change effective March 1, 2015, imposing a one-year limit for claiming credit, arguing that the claim in 2016 would not be valid. Others debated whether this time limit applied to capital goods, with some advising caution and communication with the tax department to avoid disputes.