We purchased Magnitic Bricks (Capital Goods), due to fire accident it is damaged before put to use. We got insurance claim and written off from books (CWIP).
Now we want to sell it as a Scrap,since we already reversed Cenvat Credit taken, are we need to discharge Excise duty on Scrap Sales (Scrap Transaction Value). Please advise us.
27 October 2010
Mr. Masthan Bava, When you have not availed Cenvat Credit rather reversed why you are going to sale those in that way? Just sale it as GARBAGE and credited to Misc Income A/c. I think you have understood my view. Thanks, S. Banerjee
CAclubindia
