Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
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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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