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ITC eligible

prasanta kumar bhol (Student CA IPC / IPCC) (41 Points)

14 March 2018

Is ITC eligible on insurance of motor vehicles?

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3 Replies

Rahul Prasad (CA Student) (1683 Points)
Replied 14 March 2018

u/s 17(5) motor vechile kept restricted for ITC. how ever there is not specified for repairs and insurance. it takes small amount so ITC should be available for this. this has been matter of debate due to there is not clarity on law. so we can take ITC as practically we are doing by interpreting law.

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Aashish Sachdeva (839 Points)
Replied 15 March 2018

Yes, There is no CLEARLY define anout that provision.. however businesses are taking the credit.

So its my personal opinion, if anybody have different view then views are welcome. thanks. Disclaimer: its not Professional Advice.