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...
The AAR held that a specialised steel CCV tower used in manufacturing insulated cables formed part of plant and machinery because the Explanation to section 17(5) includes apparatus, equipment and machinery fixed to earth by foundation or structural support, together with such foundation or support. On the applicant's process layout, the tower was an essential support system providing height, stability, alignment and operational integrity, so it was not a civil structure or immovable property for blocked-credit purposes. Accordingly, input tax credit on inputs and input services used to set up the tower was admissible and was not barred by section 17(5)(c) or section 17(5)(d).
The AAR held that a specialised steel CCV tower used in manufacturing insulated cables formed part of plant and machinery because the Explanation to section 17(5) includes apparatus, equipment and machinery fixed to earth by foundation or structural support, together with such foundation or support. On the applicant's process layout, the tower was an essential support system providing height, stability, alignment and operational integrity, so it was not a civil structure or immovable property for blocked-credit purposes. Accordingly, input tax credit on inputs and input services used to set up the tower was admissible and was not barred by section 17(5)(c) or section 17(5)(d).
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