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Capital goods

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(Querist)
10 July 2013 The company where we are auditing treats purchase of machine components and tools as capital assets in their excise return, However in the accounting books it is treated as raw materials.Is the treatment correct???? Please Help
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Arun Kumar Singh

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Arun Kumar Singh (Expert)
11 July 2013 It will be treated as capital goods for accounting purpose and you will take the cenvat credit 50% current year and 50% next year.

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