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Credit allowability

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(Querist)
30 April 2014 A car is purchased by a pvt. company in the name of the company and vat is paid.
After 5 years the car is sold and vat is charged.
Can the output Vat be set off against the Vat paid during purchase of car??
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
30 April 2014 No. it is not possible now after 5 years of purchase

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