19 May 2009
Hi, If a company purchases some tools or spare parts which are although of Capital nature but due to small amts, charges in books in same year. Now the Excise duty paid upon the purchase will be considered as for Capital goods and be eligble for input in two years or can it be claimed in same year in full.
25 May 2009
The credit has to be availed in 2years. 50% in the year of receipt + 50% on 1st April of the next year as long as the same fall under the chapter heads specified un der the definition.
CAclubindia
