Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
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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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