Dear Sir, With reference to further query mentioned in link–https://www.taxwallah.com/questions/question/itc-issue-in-gst-2/
Pls tell that if Elevator/Lift has been capitalised in Balance sheet under head Plant & Machinery of the company, who is the owner of Mall, then whether ITC can be availed in this case ??
Also note- We have given shops in the Mall on Rent.
2) In reply to above query in link , Pls tell the meaning of the line—
However in case the “mall is for renting,” credit may be availed in light of Orrissa HC judgement in Safari Retreats. Though the matter would be litigative.
3) If ITC on elevator/lift is blocked/ allowed , then ITC on Repairs of such elevator/lift will also blocked/ allowed ??
Thanks..
Frah Saeed Answered question June 7, 2020
- Even if capatalised as P&M lift should form part of building.
- If you have given shops for renting, you can avail ITC as per Orissa HC judgment.
- Repairs will be charged to P&L and thus ITC will not be blocked. Credit blocked only in respect of capatalised amounts.
Team Clearmytax.in
Frah Saeed Answered question June 7, 2020