Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Fraudulent trading requires cogent evidence of intent to defraud; ordinary-course payments protected, except post-insolvency withdrawals must be resto...
Depreciation on manufacturing and supply/maintenance contracts acquired under slump sale was allowable as eligible intangible assets, following co-ordinate bench precedent; the depreciation claim was therefore allowed. Brought-forward and unabsorbed depreciation was held consequential to outcomes in earlier years; the AO was directed to allow it in accordance with tribunal orders for the relevant preceding years. For TP on purchase of finished goods and analysers, a specified comparable was directed to be considered, requiring recomputation. For indenting commission, exclusion of two comparables was remanded to the TPO for verification of agreements, with directions to exclude if functionally similar to already-rejected comparables. TP adjustment was directed to be restricted to AE transactions, double disallowance was to be deleted on verification, reimbursement TP at nil was rejected, and TDS/TCS/advance tax credits were to be granted after verification. - ITAT
Depreciation on manufacturing and supply/maintenance contracts acquired under slump sale was allowable as eligible intangible assets, following co-ordinate bench precedent; the depreciation claim was therefore allowed. Brought-forward and unabsorbed depreciation was held consequential to outcomes in earlier years; the AO was directed to allow it in accordance with tribunal orders for the relevant preceding years. For TP on purchase of finished goods and analysers, a specified comparable was directed to be considered, requiring recomputation. For indenting commission, exclusion of two comparables was remanded to the TPO for verification of agreements, with directions to exclude if functionally similar to already-rejected comparables. TP adjustment was directed to be restricted to AE transactions, double disallowance was to be deleted on verification, reimbursement TP at nil was rejected, and TDS/TCS/advance tax credits were to be granted after verification. - ITAT
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