Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
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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