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Income Tax - Highlights / Catch Notes

Home Highlights May 2022 Year 2022 This

Addition on account of Repair and Maintenance of Plant and ...

Income Tax

May 4, 2022

Addition on account of Repair and Maintenance of Plant and Machinery on estimate basis - sale of scrap - The assessee brought on record a chart of sale made of scrap in last years and subsequent year which revealed that during the financial year 2014-15 it accounted for sale of scrap in its books of account. - no valid justification for estimating the value of scrap and making the impugned addition by discarding the method of accounting regularly employed by the assessee - AT

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  1. Eligibility for cenvat credit - repair and maintenance of plant and machinery - any inputs used for repair and maintenance would be eligible for cenvat credit - AT

  2. Cenvat Credit - welding electrodes - goods used for repair & maintenance of plant and machinery are eligible for Cenvat Credit - AT

  3. Assessee is entitled to avail input credit on welding electrodes which has been used for repair and maintenance of plant and machinery - AT

  4. Cenvat Credit - welding electrodes used for repair and maintenance of the plant and machinery - Credit allowed. - AT

  5. Eligibility for cenvat credit - H.R. Plates - the inputs used for repair and maintenance of the plant and machinery would be eligible cenvat credit. - AT

  6. Exemption u/s 10A - Percentage of new plant and machinery and old machinery - inclusion of plant and machinery received on returnable basis for determination of percentage - HC

  7. Eligibility for Cenvat credit of the welding electrodes used for repair and machinery of the plant and machinery – credit allowed - AT

  8. Services have been availed for erection, installation & commissioning, repairing and maintenance and insurance of the fly ash extraction plant installed by the appellant...

  9. Expenditure for repairs and maintenance to plant & machinery - If the expenditure incurred by the assessee would not result in replacement of old machinery with new,...

  10. ST – repair & maintenance Service – sales tax / VAT paid on material – deduction allowed

 

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