International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
The dominant issue was whether financial support received under a state scheme for setting up a small hydro power project constituted a capital receipt requiring reduction of the cost of depreciable assets, thereby restricting depreciation. The Tribunal held the scheme's conditions showed the subsidy was an incentive to encourage entrepreneurs and was not linked to meeting the cost of any specific asset, including because disbursement could be deferred until commissioning and commercial generation. It further held s. 2(24)(xviii) was prospective and inapplicable to the relevant years. Consequently, reduction of asset cost and the resulting depreciation disallowance were set aside and depreciation was allowed in full - ITAT
The dominant issue was whether financial support received under a state scheme for setting up a small hydro power project constituted a capital receipt requiring reduction of the cost of depreciable assets, thereby restricting depreciation. The Tribunal held the scheme's conditions showed the subsidy was an incentive to encourage entrepreneurs and was not linked to meeting the cost of any specific asset, including because disbursement could be deferred until commissioning and commercial generation. It further held s. 2(24)(xviii) was prospective and inapplicable to the relevant years. Consequently, reduction of asset cost and the resulting depreciation disallowance were set aside and depreciation was allowed in full - ITAT
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