TMI BlogCenvat Credit RuleX X X X Extracts X X X X X X X X Extracts X X X X ..... Whether I can Take cenvat in case I have partially paid for the fixed asset i.e I have paid ₹ 30Lacs against invoice of ₹ 1 crore and ₹ 70 Lacs has been write off in the books of A/c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 's after 2 fy year.Whther cenvat credit will be allowed on full amt or partial amt. - Reply By Somil Bhansali - The Reply = In such case cenvat credit cannot be taken on 70 lacs and if has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... already taken then such credit should be reversed. - Reply By KASTURI SETHI - The Reply = I agree with Sh.Bhansali Ji. - Reply By CS SANJAY MALHOTRA - The Reply = 100% CENVAT Credit is admissible ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as the asset is not written off. You have strong case to represent as courts have held that Credit is admissible even if the part amount is paid. Furthermore there is no criteria for reversal of cre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dit in CENVAT regime for goods if the amount is not paid. The same criteria is for services. - Reply By Himansu Sekhar - The Reply = As per rule 3(5B) of CCR , if the capital goods are partially ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... written off in the books of accounts, then credit is to be reversed proportionately. - Cenvat Credit Rule - Query Started By: - Rohitash Gupta Dated:- 14-12-2017 Central Excise - Got 4 Replies - C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entral Excise - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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