GST timing for Toll-Operate-Transfer concessions: concessionaires pay integrated tax when operation and maintenance expenses are charged to escrow acc...
Input tax credit conditions for concessional service rates permit limited same-line credits for hotels, catering, and electrically operated vehicle se...
ITAT affirmed deletion of an addition made under s.143(1) where contingent liabilities disclosed in Form 3CD were not debited to profit & loss; the Tribunal held the auditor's disclosure under clause 21(g) is informational and does not convert a balance-sheet contingent liability into deductible expenditure. Revenue produced no evidence that the amounts were charged to P&L or claimed in computation of income, and an adjustment at the CPC stage cannot extend beyond apparent arithmetical mistakes to matters requiring verification. Consequently, the impugned adjustment was held without foundation and unsustainable, and the addition was quashed in favour of the assessee.
ITAT affirmed deletion of an addition made under s.143(1) where contingent liabilities disclosed in Form 3CD were not debited to profit & loss; the Tribunal held the auditor's disclosure under clause 21(g) is informational and does not convert a balance-sheet contingent liability into deductible expenditure. Revenue produced no evidence that the amounts were charged to P&L or claimed in computation of income, and an adjustment at the CPC stage cannot extend beyond apparent arithmetical mistakes to matters requiring verification. Consequently, the impugned adjustment was held without foundation and unsustainable, and the addition was quashed in favour of the assessee.
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