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Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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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