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Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
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The ITAT held that: The department cannot challenge the validity of the sanctioned scheme at the implementation stage as the scheme attains statutory force binding on all stakeholders, including the department. The assessee is entitled to claim depreciation on passive infrastructure assets transferred under the scheme at Rs.1344,19,48,510. Recognition of assets at fair value pursuant to the scheme does not amount to revaluation, allowing depreciation claim under normal and MAT provisions. Expenditures like abandoned project costs, site restoration provision, service level adjustment provision, and interest on borrowings were held allowable as business expenditure or ascertained liability. Enhanced 80% depreciation was allowed on energy saving devices. Depreciation was allowed from the date of asset readiness and on provisionally capitalized assets based on accounting policy and special audit report. Salary capitalization was rejected as employees were engaged in operations. Other disallowances like difference in turnover reported for service tax and income tax, upfront fees, and unverifiable expenses were deleted based on reconciliation, judicial precedents, and documentary evidence respectively.
The ITAT held that: The department cannot challenge the validity of the sanctioned scheme at the implementation stage as the scheme attains statutory force binding on all stakeholders, including the department. The assessee is entitled to claim depreciation on passive infrastructure assets transferred under the scheme at Rs.1344,19,48,510. Recognition of assets at fair value pursuant to the scheme does not amount to revaluation, allowing depreciation claim under normal and MAT provisions. Expenditures like abandoned project costs, site restoration provision, service level adjustment provision, and interest on borrowings were held allowable as business expenditure or ascertained liability. Enhanced 80% depreciation was allowed on energy saving devices. Depreciation was allowed from the date of asset readiness and on provisionally capitalized assets based on accounting policy and special audit report. Salary capitalization was rejected as employees were engaged in operations. Other disallowances like difference in turnover reported for service tax and income tax, upfront fees, and unverifiable expenses were deleted based on reconciliation, judicial precedents, and documentary evidence respectively.
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