My unit was SSI in year 2008-09 which became Non SSI in 2009-10. Now, in 2012, i came to know that i have not taken Cenvat Credit on capital Goods purchased by me in 2008-09. please tell me can i take credit of same now ? And that too 100% ? What other formalities i need to complete ?
17 August 2012
after lapse of four years you want to take credit of capital goods?
such capital goods were capitalized in your plant and machinery or fixed assets, and entries passed inclusive of excise, and you have availed depriciation on that value also,
how you can reverse the duty portion and add back the depriciation portion to incometax?
such practise is barred after finalization of accounts for the year, as it should be case of "unjust enrichment"
CAclubindia
