Cenvat credit availed in Feb 2016 against capital goods invoice dated 08/2014

[Kuldeep Kapoor]

Due to oversight Capital goods invoice of year 08/2014 was misplaced and found in Feburary 2016 and and entry in RG 23 C -Part II made in Feburary 2014 . I already had cenvat of approximately 3 crore in books in Feburary 2016 and this was not utilized.

Please wether i should reverse the Cenvat amount in March 2017

AI Summary

Cenvat credit timing rules: capital goods credit can be claimed in a subsequent financial year if first-year claim was nil.
Whether Cenvat credit taken later against an earlier capital goods invoice must be reversed hinges on the Credit Rules' timing conditions and on accounting treatment: if no credit was taken in the first financial year and Rule conditions are met, full credit in a subsequent year may be permissible; however, if capitalisation included Cenvat and depreciation was claimed on that basis, subsequent credit may be disallowed or require adjustment.