Regulatory consolidation for investment advisers: SEBI issues master circular consolidating guidance and prescribing compliance, reporting, fees and s...
Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
Depreciation on machinery was disputed on the ground that certain units were not used during the relevant year. The court held that, post the "block of assets" regime, depreciation is allowable with reference to the block as a whole, and not asset-wise or unit-wise; once the assessee continues its business, the block is treated as "put to use," and non-use of particular assets within the block does not defeat the claim. Section 38(2) was held inapplicable because there was no allegation of non-business or personal use. Depreciation was allowed to the assessee. - HC
Depreciation on machinery was disputed on the ground that certain units were not used during the relevant year. The court held that, post the "block of assets" regime, depreciation is allowable with reference to the block as a whole, and not asset-wise or unit-wise; once the assessee continues its business, the block is treated as "put to use," and non-use of particular assets within the block does not defeat the claim. Section 38(2) was held inapplicable because there was no allegation of non-business or personal use. Depreciation was allowed to the assessee. - HC
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