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ITC of leasehold rights and the shed standing upon it - Goods and Services Tax - GSTExtract A humble request to the members to guide me on the following issue One of my clients is going to procure lease rights of a land under an Agreement of assignment on as is basis from one supplier [original grantor is MIDC] and an Industrial shed standing upon it on as is where is basis owned by another supplier vide a separate transfer agreement. Will there be any issue while claiming ITC, particularly in terms of Section 17(5)(d) ? I am of the view that credit is admissible. I found rulings denying ITC on assignment of lease rights, however, there the underlying reason being that lease rights are for construction of immovable property. And in the instant case of my client, there is no construction of immovable property, per se. So, will buying lease rights of land and industrial shed on the land on as is where is basis amount to for construction of immovable property ?
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