purchase price of machine is 40lacs.It include excise duty of 2lacs against which CENVAT credit is available.
will that 2lacs included in cost of machine?
It's not included in cost of machine if you avail CENVAT credit of Rs.2. Lakh
So, if availed credit...Cost of machine= 38 lakh
or if not availed than its 40 lakh.
CAclubindia
