Capital goods credit limited until installation or use; early credit allowed if removed on payment of duty. Amendment to rule 57Q disallows credit for specified duty on capital goods received before 16th March 1995 where credit was not previously allowable, and for capital goods received on or after 1st January 1996 prohibits taking credit prior to their installation or first use for manufacture as certified by the manufacturer or a designated officer; a proviso allows earlier credit when capital goods are removed from the factory for home consumption or export upon payment of the appropriate excise duty on the date of removal.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Capital goods credit limited until installation or use; early credit allowed if removed on payment of duty.
Amendment to rule 57Q disallows credit for specified duty on capital goods received before 16th March 1995 where credit was not previously allowable, and for capital goods received on or after 1st January 1996 prohibits taking credit prior to their installation or first use for manufacture as certified by the manufacturer or a designated officer; a proviso allows earlier credit when capital goods are removed from the factory for home consumption or export upon payment of the appropriate excise duty on the date of removal.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
