Transition support services from corporate spinoff for India business segment - TP adjustment deleted; comparables reassessed; goodwill depreciation, ...
Qualification of fire extinguishers as aircraft parts - original duty finding under Notification No.50/2017-Sr.545 vacated; remanded for fresh adjudic...
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The article examines application of the second proviso to section 153A, holding that initiation of search causes pending assessments to abate and post-search completion under section 143(3) is invalid; consequentially the 143(3) order was quashed. It emphasises that additions under section 153A are confined to incriminating material unearthed in search and deleted an addition for alleged suppressed sales for lack of cogent evidence. It further recognises prior period maintenance and sales tax/VAT write offs as allowable business expenditure under section 37(1), and treats write off of capital work in progress on an abandoned retail project as revenue expenditure where no enduring asset resulted.
The article examines application of the second proviso to section 153A, holding that initiation of search causes pending assessments to abate and post-search completion under section 143(3) is invalid; consequentially the 143(3) order was quashed. It emphasises that additions under section 153A are confined to incriminating material unearthed in search and deleted an addition for alleged suppressed sales for lack of cogent evidence. It further recognises prior period maintenance and sales tax/VAT write offs as allowable business expenditure under section 37(1), and treats write off of capital work in progress on an abandoned retail project as revenue expenditure where no enduring asset resulted.
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