ITC claim on Construction material purchase??
Mohammed Fahad (Become CA) (76 Points)
31 August 2020I purchase construction material upto Rs 140000 from registered dealer for my Laundry business site.
Can I claim ITC of that against my sale bill??
Mohammed Fahad (Become CA) (76 Points)
31 August 2020
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 31 August 2020
pratik sanjay mohadikar
(accountant)
(93 Points)
Replied 31 August 2020
Kaushik Joshi
(Practising Chartered Accountant)
(1527 Points)
Replied 31 August 2020
CA Akshay Hiregange
(Partner - Audit & Assistance)
(4515 Points)
Replied 31 August 2020
Can refer Safari Resorts - Orissa High Court case, although this is presently pending in the Supreme Court. ITC is highly disputable in nature, and as Mr. Kaushik has pointed out burden of proof lies with assessee to prove eligibility of ITC. As value seems less it may not be for capitalisation therefore, ITC can be said to be eligible.
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