Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
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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