KARUNAKAR SURYAPETA (SR.EXECUTIVE) (56 Points)
19 October 2011
As per excise audit we have reversed cenvat credit on capitive consumption for canteen building in sep-2011.
Now the same reversal amount we are going to be capitalized in Fy-2011-2012. But the basic amount of canteen building we capitalised in FY.2010 -2011 only .So please clarify, from which date we have to calculate the depreciation.
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 17 November 2011
Depreciation will be calculated from F.Y.2010-11 on the basic amount which was being capitalised.
In F.Y. 2011-12 depreciation will be calculated on teh WDV as on mar11 & also on the amount of cenvat credit availed whihc is now benig reversed & capitalized.
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