Respected Sir,
I have purchased an imported machinery in the year 2010-11 & have taken credit of cvd+addl.duty(4%), now I want to sell that machinery to my other unit having same PAN so I have to depriciate the duty at 2.5% quarter to the cvd,so same I have to depriciate to the addl.duty charged at 4% or not.
Guidance on Depreciating Imported Machinery: 2.5% Per Quarter on Total Duty for Intra-PAN Transfers A user inquired about selling imported machinery purchased in 2010-11, for which they had claimed credit on countervailing duty (CVD) and additional duty (4%). They sought clarification on whether to depreciate both duties at 2.5% per quarter when transferring the machinery to another unit under the same PAN. Two responses confirmed that only a 2.5% depreciation per quarter is necessary on the total duty, without needing to separately consider the additional duty. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
