Relief to Thermo Fisher: ITAT allows Depreciation Claim on Supply & Maintenance Contracts Acquired via Slump Sale

The ITAT has provided relief to Thermo Fisher, allowing a "depreciation claim on supply and maintenance contracts" acquired via a "slump sale." The tribunal's decision, which is a significant victory for the company, was made on the grounds that the company's claim was not supported by evidence. The ruling clarifies that a tax authority can't add a tax to a company's account without a valid reason.