MVAT

Querist : Anonymous (Querist) 19 May 2010 This query is : Resolved
A CAR WAS SUBMERGED IN WATER DURING THE FLOODS IN MUMBAI IN JULY 2005. THE CAR WAS SENT FOR REPAIRING AND WAS NON WROKABLE EVEN AFTER REPAIRS. THE INSURANCE COMPANY GAVE CLAIM TO THE COMPANY AND TOOK AWAY CAR AS SALVAGE.THE COMPANY HAS BEEN CLAIMING DEPRECIATION ON THE SAID CAR AS IT WAS USED FOR BUSINESS PURPOSE. COMPANY IS A DEALER REGD UNDER MVAT.

WHETHER CLAIM RECEIVED FROM INSURANCE COMPANY IS TAXABLE UNDER MVAT AS ?

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