Swan (Pvt.) Ltd. acquired machinery for ₹5,75,000 which included excise duty of ₹75,000 eligible for CENVAT credit. It borrowed ₹3,00,000 from a bank for purchase of the said machine. Interest on the bank loan upto the d
CS Executive · Tax Laws and Practice · PYQS · December 2016
Swan (Pvt.) Ltd. acquired machinery for ₹5,75,000 which included excise duty of ₹75,000 eligible for CENVAT credit. It borrowed ₹3,00,000 from a bank for purchase of the said machine. Interest on the bank loan upto the date of usage of machine was ascertained as ₹25,000. The machine was put to use from 15th September, 2015. Assume the rate of depreciation at 15%. The eligible amount of depreciation will be —
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Income Tax
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