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Cenvat Credit and Depriciation
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....envat Credit and Depriciation<br> Query (Issue) Started By: - Mehul Pandya Dated:- 29-10-2014 Last Reply Date:- 31-10-2014 Central Excise<br>Got 4 Replies<br>Central Excise<br>Sir, My query is regard....
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....ing capital goods cenvat and Depreciation calculation. For example I am buying one capital goods of ₹ 1000/- + ₹ 15 Excise Duty. Hence Can I avail cenvat credit of ₹ 7.5 in the cur....
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....rent year and balance in the next year as far as CCR,2004 concerns whereas I will claim depreciation only on ₹ 1000/- i.e. excluding duty amount. Is this allowable from the both IT and CCR Rules....
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..... Reply By Naveed S: The Reply: Sir, Depreciation under I.Tax is availed on the capital goods value excluding the excise duty portion credit, on which capital goods cenvat credit is availed. Reply....
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.... By Mehul Pandya: The Reply: Thank you for your reply, It means I can take benefit of Cenvat Credit and Depreciation as per above mentioned example. Can you please suggest any notification,circula....
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....r or case laws favoring the same. Reply By Rajesh Nathoo: The Reply: Dear Mehul , It is allowed both under IT and CCR Rules , Go through sub Rule 4 of Rule 6 of CCR Rules . Reply By Naveed S: The ....
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....Reply: Yes Sir, you can avail the benefit of cenvat credit and depreciation as per your above mentioned example. You may also refer to sub rule 4 of rule 4 of Cenvat Credit rules, 2004.<br> Discussi....
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