Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
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Rights to receive annuity under a BOT road concession are treated as mechanisms for recouping project costs, comparable to toll-collection rights, rather than distinct intangible assets. The notes state that the broader contractual obligations, exclusive licence and annuity-based compensation do not create a licence, franchise or similar business or commercial right eligible for depreciation; depreciation on the annuity right was therefore disallowed. Capitalised road-project expenditure may, however, be amortised when a Provisional Completion Certificate deems the project complete and open to traffic under the concession agreement and applicable CBDT circular. Accordingly, amortisation was sustained despite the disallowance of depreciation.
Rights to receive annuity under a BOT road concession are treated as mechanisms for recouping project costs, comparable to toll-collection rights, rather than distinct intangible assets. The notes state that the broader contractual obligations, exclusive licence and annuity-based compensation do not create a licence, franchise or similar business or commercial right eligible for depreciation; depreciation on the annuity right was therefore disallowed. Capitalised road-project expenditure may, however, be amortised when a Provisional Completion Certificate deems the project complete and open to traffic under the concession agreement and applicable CBDT circular. Accordingly, amortisation was sustained despite the disallowance of depreciation.
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