Cenvat of machine bill (one year old bill)

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Anil (Querist)
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14 February 2012 Sir,

Our Sale will reach at near about 1.40 crore. We are going to registered in Excise.

Please suggest me that can we avail cenvat credit of Imported Machineries, which we purchased in December'2010 and January'2011.

CA SUMiT PATWARi

CA SUMiT PATWARi (Expert)
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14 February 2012 You must have passed accounting entries for the cenvat portion that you paid at the time of purchase of capital goods.
Since you could not take the credit at that time you must have capitalised them and also depreciation must have been charged on the gross amount over the course of two years.

So once you have capitalised the excise duty paid, you are not eligible to take cenvat credit on the same.

This is my opinion.
You can take some practising professional's help also if the amount involved is huge!