09 March 2011
kindly advice me on the following matter,
A company (not manufacturor engaged in educational activities) purchased a fixed asset in the F.Y 2009-10 by giving 100% advance.Assets were also recieved in the same F.Y ie 2009-10.However bill were raised in the F.Y 2010-11.Now the question arises whether compny is entitled to utilise full cenvat credit in 10-11 or only 50% of cenvat credit as per Rule 4 of Cenvat Credit
CAclubindia
