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TMI BlogCenvat Credit and DepriciationX X X X Extracts X X X X X X X X Extracts X X X X ..... Sir, My query is regarding capital goods cenvat and Depreciation calculation. For example I am buying one capital goods of ₹ 1000/- + ₹ 15 Excise Duty. Hence Can I avail cenvat credit of ₹ 7.5 in the current year and balance in the next year as far as CCR,2004 concerns whereas I will claim depreciation only on ₹ 1000/- i.e. excluding duty amount. Is this allowabl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e from the both IT and CCR Rules. - Reply By Naveed S - The Reply = Sir, Depreciation under I.Tax is availed on the capital goods value excluding the excise duty portion credit, on which capital goods cenvat credit is availed. - Reply By Mehul Pandya - The Reply = Thank you for your reply, It means I can take benefit of Cenvat Credit and Depreciation as per above mentioned example. Can y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ou please suggest any notification,circular or case laws favoring the same. - Reply By Rajesh Nathoo - The Reply = Dear Mehul , It is allowed both under IT and CCR Rules , Go through sub Rule 4 of Rule 6 of CCR Rules . - Reply By Naveed S - The Reply = Yes Sir, you can avail the benefit of cenvat credit and depreciation as per your above mentioned example. You may also refer to sub rule ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 of rule 4 of Cenvat Credit rules, 2004 . - Cenvat Credit and Depriciation - Query Started By: - Mehul Pandya Dated:- 29-10-2014 Central Excise - Got 4 Replies - Central Excise - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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