Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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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.
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