Itc on vehicle
Jyoti Narang (Kkk) (1203 Points)
03 February 2021
if bike is purchased for business purpose ie for wholesale of medicines business then itc is allowed on it or not
Jyoti Narang (Kkk) (1203 Points)
03 February 2021
CA Rashmi Gandhi
(Chartered Accountant)
(86308 Points)
Replied 03 February 2021
Jyoti Narang
(Kkk)
(1203 Points)
Replied 04 February 2021
Manoj Kumar
(4 Points)
Replied 04 February 2021
Jyoti Narang
(Kkk)
(1203 Points)
Replied 04 February 2021
CA Rashmi Gandhi
(Chartered Accountant)
(86308 Points)
Replied 06 February 2021
Not allowed in any condition as act does not permit.
CA Rashmi Gandhi
(Chartered Accountant)
(86308 Points)
Replied 06 February 2021
Not allowed in any condition as act does not permit.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6178 Points)
Replied 09 February 2021
| Originally posted by : Jyoti Narang | ||
 |
As per law sec17(5) its not allowed but practically its allowed.Am I right? |  |
Strict Interpretation of Law shall be done.
CA. Heet Shah
(Tax Consultant & Practitioner)
(6178 Points)
Replied 09 February 2021
| Originally posted by : Jyoti Narang | ||
|
As per law sec17(5) its not allowed but practically its allowed.Am I right? | |
Strict Interpretation of Law shall be done in these case so reading the provision under 17(5) restricts ITC on Motor vehicle used for transportation of passenger and Not the Motor vehicle used for transportation of Goods. In your case you shall capitalise the Bike and claim ITC.
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