TaxTMI 
TaxTMI 
Excise implication
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....xcise implication<br> Query (Issue) Started By: - ashok jain Dated:- 21-2-2008 Last Reply Date:- 5-3-2008 Central Excise<br>Got 1 Reply<br>Central Excise<br>Our company was incorporated in the year 20....
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....04 and engaged in manufacturing of auto parts and located in Noida. We had bought second hand CNC machine from a manufacturing company in January 2006 on a basic value of Rs. 2.50 Lacs but that compan....
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....y passed on excise duty of Rs. 4.40 Lacs. Presently this machine is not working properly, therefore, we want to sell the said machine for Rs. 2.00 Lacs plus Excise duty @ 16.48% on this transaction va....
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....lue. Is any formality from Excise point of view to be completed to conclude the transaction? Reply By Jabir sheikh: The Reply: Dear Sir, As per latest notfication No.39/2007 CE dt.13-11-07 " You hav....
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....e reduce the CENVAT credit amount by 2.5% per Quater from the date of availing CENVAT on same.And Balance amount of Duty has to be reversed for selling machine.<br> Discussion Forum - Knowledge Sharin....
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....g ....