CENVAT CREDIT AVAILED ON ASSEST SALE BY OUR CUSTOMER

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..... we are manufacture of Machinery. We had sold one machine to our customer in year 2011. Now customer intend to sale the same machine to us as assest sale after reversing excise duty which he had availed credit earlier with basic amount (after deducting depreciation). In our case can we take the same machine as input and avail cenvat credit for the same or we have to show sales return and avail .....

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..... cenvat credit . Please advice. - Reply By Naveed S - The Reply = You have not specified the further use of such machinery at your end. However, If the said machine is to be used in your factory premises, then receive it as an input and avail cenvat credit. If it is required to be re-sold again to another customer, then show it as sales return and avail cenvat credit. - Reply By S .....

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..... URYAKANT MITHBAVKAR - The Reply = If the said machine we take as input dismantle the parts use the parts in various machinery wherever suitable and some parts cleared as scarp. In this procedure we do not have any co- relation regarding clearance of machine parts of the said machine. Whereas the Law says if we take credit on Finished Goods which is return by our customer .....

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..... it is importance to show clearance of the same with payment of Excise duty either equal to credit or more than credit avail. Still can we avail credit in the above matter. Pl. advice. - CENVAT CREDIT AVAILED ON ASSEST SALE BY OUR CUSTOMER - Query Started By: - SURYAKANT MITHBAVKAR Dated:- 20-9-2013 Central Excise - Got 2 Replies - Central Excise - Discussion Forum - Knowledge Shar .....

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..... ing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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