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Treatment of CENVAT credit in cost of fixed assets

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(Querist)
21 July 2009 How does CENVAT credit on capital goods is treated in value of assets i.e
1. Full 100% credit is deducted in first year itself, OR
2. Taken proportionately in two years @ 50% each year?
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
22 July 2009 The value of asset will be exclusive of Cenvat.

Option 1 is correct.

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