Request-driven road restoration attracts reverse-charge GST, not governmental-function treatment or compensatory-damages status for business recipient...
Road restoration charges for commercial pipeline works are taxable Government services, with reverse charge liability and no public-function exemption...
Model-wise import cap monitoring cannot justify withholding used multifunction machines where all-India tracking is absent and full security is furnis...
Assessee developed intangible assets by incurring expenditure and valued them based on historical cost as per Accounting Standard (AS)-26, which prescribes cost basis for internally generated intangible assets. Commissioner of Income Tax (CIT) erroneously believed assessee did not follow AS-26 and valuation method was incorrect. Tribunal held assessee's valuation method complied with AS-26, CIT's assumption of jurisdiction u/s 263 was flawed and based on incorrect understanding of AS-26. Regarding depreciation, expenses incurred for intangible assets were genuine business expenses. Disallowing depreciation would result in allowing expenses u/s 37(1), benefiting assessee. CIT did not address assessee's contentions properly. Tribunal set aside CIT's revisionary order as unsustainable in law.
Assessee developed intangible assets by incurring expenditure and valued them based on historical cost as per Accounting Standard (AS)-26, which prescribes cost basis for internally generated intangible assets. Commissioner of Income Tax (CIT) erroneously believed assessee did not follow AS-26 and valuation method was incorrect. Tribunal held assessee's valuation method complied with AS-26, CIT's assumption of jurisdiction u/s 263 was flawed and based on incorrect understanding of AS-26. Regarding depreciation, expenses incurred for intangible assets were genuine business expenses. Disallowing depreciation would result in allowing expenses u/s 37(1), benefiting assessee. CIT did not address assessee's contentions properly. Tribunal set aside CIT's revisionary order as unsustainable in law.
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TaxTMI 
TaxTMI 
of 4916 
