Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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.
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
