08 April 2009
Request you to kindly clarify my doubt, whether 100% of Cenvat credit on Capital Goods can be availed in the subsequent year; in the case of no cenvat credit availed in the financial year, in which the goods were received.
19 April 2009
On grounds of principle you can avail 100%. But advisable to utilize only 50%, reason department is bound to object and this will be available to you only after a judicial debate.
If during the audit the authorities do not object your proposal, then you can utilize the balance amount as well.
CAclubindia
