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        Case ID :
        Income Tax

        ITAT held that grants/contributions received from the State are...

        Grants from State treated as capital promoter contributions under AS-12, not taxable; accruals and toll additions disallowed

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                ITAT held that grants/contributions received from the State are capital in nature as promoter's contributions under AS-12 and not taxable income, because the taxpayer is a wholly-owned State undertaking executing BOT projects as contractor and does not own the projects; consequent reversal of depreciation to capital reserve is proper. Amounts accrued but not received from the State likewise are capital receipts and not taxable on accrual. Further, additions by the AO relating to toll receipts (Mumbai-Pune NH-4 and Thane Ghodbandar Road) were deleted because the AO ignored allowable estimated maintenance and improvement costs; identical additions for both roads were disallowed and the AO was directed to delete the impugned additions.
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                                  ActsIncome Tax
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