TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Highlights
of of All Highlights
Note
Bookmark
Share
Don't have an account? Register Here
of The ITAT held that revision under section 263 is not warranted where two reasonable views exist, one by the AO and another by the Pr. CIT. The AO's allowance of depreciation at 25% on the opening WDV plus capital expenditure in a BOT road project was upheld, supported by precedent. The Tribunal rejected the Pr. CIT's direction to exclude the negative grant of Rs. 595 crore payable to NHAI from the asset cost, affirming that under the mercantile system, accrued liabilities must be accounted for. The negative grant constituted an ascertained liability upon project completion in AY 2012-13, despite payment being due from the 15th year. The CBDT Circular No. 09/2014 was held inapplicable retrospectively to the assessment year in question. Consequently, the Pr. CIT's revision was quashed, and the assessee's claim for depreciation inclusive of the negative grant was restored, allowing the appeal.
TaxTMI 
TaxTMI 
