Thermo Fisher Scientific India Pvt. Ltd. v/s Deputy Commissioner of Income Tax

Parties Involved

Facts Summary

The assessee, Thermo Fisher Scientific India Pvt. Ltd., is engaged in the business of manufacturing, installation, and sale of scientific/medical laboratory equipment and chemicals. The assessee filed appeals against the final assessment orders passed under section 143(3) read with section 144C(13) of the Income Tax Act, 1961, for the assessment years 2011-12, 2012-13, 2013-14, and 2014-15. The appeals pertain to the disallowance of depreciation on manufacturing, supply, and maintenance contracts acquired from GlaxoSmithkline Pharmaceuticals Ltd and Chemito Technologies Private Limited via slump sale arrangements. The assessee claimed these contracts as intangible assets and sought depreciation. The Revenue argued that these contracts did not qualify as intangible assets under Accounting Standard-26 and thus were not eligible for depreciation. The assessee also raised issues regarding transfer pricing adjustments, brought forward and unabsorbed depreciation, and the levy of interest and penalties.…

Legal Issues

• 1. General objection to the directions of the Hon'ble Dispute Resolution Panel and the final assessment order.
• 2. Claim of depreciation on manufacturing contracts acquired from GSK.
• 3. Claim of depreciation on maintenance contracts acquired from CTPL.
• 4. Claim of brought forward and unabsorbed depreciation for AY 2008-09 to 2010-11.
• 5. Transfer pricing adjustment relating to the purchase of finished goods.
• 6. Transfer pricing adjustment relating to the receipt of indenting commission.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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