Case Law Details
Case Name : In re Halliburton Offshore Services Inc. (LIH) (GST AAR Andhra Pradesh)
Related Assessment Year :
Courts :
AAR Andhra Pradesh Advance Rulings
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In re Halliburton Offshore Services Inc. (LIH) (GST AAR Andhra Pradesh)
It is observed that under Caluse-31 of the Contract, the Contractor (herein the Applicant) receives reimbursement from the Operator (herein the OIL) for loss of or damage to the down hole equipment and tolls. Sub-clauses (a) and (b) of the said Clause -31 specifies the amount of reimbursement to be made to the Applicant. In case of damage of the equipment or tools, such reimbursement shall be repair cost (subject to maximum of the cost of equipment/tools to be reimbursed in case of the same were lost) and whereas in case o...
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What is the basis calculation of depreciation 10% per year and maximum 50% in article 3.6.b ?
In the case of CONTRACTOR’S down hole equipment being lost, OPERATOR will reimburse CONTRACTOR an amount limited to the original cost (F.O.B. nearest port) reduced by depreciation at the rate of 10% per year to be proportioned for each completed month or part thereof from the date of purchase of the lost equipment I tool subject to maximum depreciation of 50%