13 July 2015
A company has purchased a machinery of Rs. 10,00,000 and has paid a VAT @ 5% i.e. Rs. 50,000. Now if the company claims credit of VAT paid in 36 installments. What will be the actual cost u/s 43(1). Further if the company takes the cost as Rs. 10,50,000 and simultaneously takes credit of VAT pain in 36 installments can explanation 9 to 43(1) be evoked by A.O
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