Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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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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