25 September 2012
Mr. X can claim setoff on purchases of goods effected during the financial year, in which liable for registration -
1. purchases of goods other than capital assets which are in stock on date of registration, 2 goods are treated as capital assets by the dealer and have not been sold before the date of effect of registration. 3. goods used or consumed for manufacture and manufactured goods are not dispose off or sold prior to effective date of registration.
CAclubindia
