06 February 2009
We have two units, Unit I which is excise exempt unit and the other unit, Unit - II which is covered under Excise Rules. In our case we have earlier purchased Capital Asset in Unit II which is covered under Excise. Afterwards we have transfered this Capital Asset to Excise Exempted Unit I and we have also passed on the Excise amount as per bill. Excise exempted Unit I has recorded the Capital Asstet at full value including Excise. Again the same capital asset transfered to Excise applicable Unit II by Unit I. We want to know whether excise exempted unit I can transfer the Capital Assets at full value including excise or it has to transfer only the assessable purchase value excluding excise. Plz guide on this matter.
CAclubindia
