Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
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Project assistance received from a development authority for constructing and establishing water infrastructure is characterised by its purpose: assistance for project development is capital in nature, unlike operational assistance, which may be revenue. The note states that the Tribunal treated the assistance as a capital receipt and deleted the corresponding revenue addition, following its consistent prior approach. It also states that excess construction expenditure over capital assistance may be amortised over the concession period as deferred revenue expenditure where consistent with applicable accounting principles and CBDT guidance for infrastructure facilities. The disallowance of amortised project expenditure was deleted; interest and penalty issues were consequential and premature.
Project assistance received from a development authority for constructing and establishing water infrastructure is characterised by its purpose: assistance for project development is capital in nature, unlike operational assistance, which may be revenue. The note states that the Tribunal treated the assistance as a capital receipt and deleted the corresponding revenue addition, following its consistent prior approach. It also states that excess construction expenditure over capital assistance may be amortised over the concession period as deferred revenue expenditure where consistent with applicable accounting principles and CBDT guidance for infrastructure facilities. The disallowance of amortised project expenditure was deleted; interest and penalty issues were consequential and premature.
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