The Assessee is eligible to avail remaining 50% of Cenvat credit on Capital Goods which were cleared during the same Financial Year of its receipt

The Assessee is eligible to avail remaining 50% of Cenvat credit on Capital Goods which were cleared during the same Financial Year of its receipt https://www.taxtmi.com/article/detailed?id=6027 Capital goods acquired and partly credited on receipt, later put to use, and cleared from the factory within the same financial year remain eligible for the balance 50% of Cenvat credit on clearance as such under the Cenvat Credit Rules; the departmental view that prior use changes the character of the goods and prevents such clearance does not preclude claiming the remaining credit when clearance occurs in the same financial year. en-us Sat, 24 Jan 2015 10:44:09 +0530 Sat, 24 Jan 2015 10:44:09 +0530 TaxTMI RSS Generator The Assessee is eligible to avail remaining 50% of Cenvat credit on Capital Goods which were cleared during the same Financial Year of its receipt https://www.taxtmi.com/article/detailed?id=6027 Capital goods acquired and partly credited on receipt, later put to use, and cleared from the factory within the same financial year remain eligible for the balance 50% of Cenvat credit on clearance as such under the Cenvat Credit Rules; the departmental view that prior use changes the character of the goods and prevents such clearance does not preclude claiming the remaining credit when clearance occurs in the same financial year. Articles Cenvat Credit Sat, 24 Jan 2015 10:44:09 +0530 https://www.taxtmi.com/article/detailed?id=6027