Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
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BOT road development expenditure was required to be amortised over the actual remaining concession period, because the proposed extension to 10/07/2024 was never notified and the concession effectively ended on 26/10/2013 after the accepted toll extension. The AO was directed to recompute amortization with 26/10/2013 as the terminal date and allow the resulting deduction as business expenditure under the CBDT circular. For prior years' depreciation, the Tribunal said the circular contemplated reducing earlier claims from the initial cost before amortization, so no separate addition for excess depreciation could stand, subject to verification of that adjustment. Penalty for inaccurate particulars was deleted because the quantum addition no longer survived and the depreciation-versus-amortization issue was debatable.
BOT road development expenditure was required to be amortised over the actual remaining concession period, because the proposed extension to 10/07/2024 was never notified and the concession effectively ended on 26/10/2013 after the accepted toll extension. The AO was directed to recompute amortization with 26/10/2013 as the terminal date and allow the resulting deduction as business expenditure under the CBDT circular. For prior years' depreciation, the Tribunal said the circular contemplated reducing earlier claims from the initial cost before amortization, so no separate addition for excess depreciation could stand, subject to verification of that adjustment. Penalty for inaccurate particulars was deleted because the quantum addition no longer survived and the depreciation-versus-amortization issue was debatable.
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