08 August 2012
One imported machinery purhcased same has been transfer to our sister concern at time of purchase we have taken credit of additional duty now excise authority has been given me a notice that you have to pay to the additonal duty at the time of transfer of that machinery to sister concern. This is correct . We have to pay the addtional duty.
Yes, You have to raise a Tax Invoice and clear this imported material under Rule 3(4) of Cenvat credit rules in the name of your sister unit. Your sister unit can avail cenvat credit..No Loss., But it old period Transactions, then it is a loss of Interest and Cenvat..!
Wehave purchaed that machinery & same has been used for two year after we have transfered to our sister concern after that we have to pay additional duty.
CAclubindia
