Arrest safeguards and transit remand requirements invalidated detention following inter-State transfer without communicated grounds or magistrate auth...
Arrest safeguards require disclosed grounds, relative intimation and transit remand, while duplicate prosecution under the CGST framework is unsustain...
Document Identification Number defects can invalidate GST assessments, with delayed challenges entertained conditionally where patent irregularities e...
Windmill commissioning evidence supported higher depreciation where grid connection and electricity generation proved operational use before the relev...
Pharmaceutical promotion and transfer-pricing comparability principles limited disallowances, while uncorroborated search allegations and unsupported ...
Business expenditure substantiation supports scrap credits, statutory payments and expense claims, while depreciation requires proof of actual busines...
The ITAT held that the assessee organisation cannot be granted exemption u/s 11 for the preceding assessment year 2012-13 as the registration u/s 12A was obtained in 2019, after the assessment was completed, and the relevant proviso stood omitted from 01.04.2023. The expenditure incurred on infrastructure creation is capital in nature, while maintenance and administration expenses are revenue expenses. The assessee is entitled to claim depreciation on infrastructure assets. The notional interest expenditure booked by treating the government grant as a loan is not allowable. The grant should be treated as income, and the assessee can claim depreciation on assets. The assessee was given an opportunity to rectify its accounts. The revenue's appeal was partly allowed.
The ITAT held that the assessee organisation cannot be granted exemption u/s 11 for the preceding assessment year 2012-13 as the registration u/s 12A was obtained in 2019, after the assessment was completed, and the relevant proviso stood omitted from 01.04.2023. The expenditure incurred on infrastructure creation is capital in nature, while maintenance and administration expenses are revenue expenses. The assessee is entitled to claim depreciation on infrastructure assets. The notional interest expenditure booked by treating the government grant as a loan is not allowable. The grant should be treated as income, and the assessee can claim depreciation on assets. The assessee was given an opportunity to rectify its accounts. The revenue's appeal was partly allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
