Bogus donation receipts justified commission income assessment and defeated political-party tax exemption for inaccurate accounts and reporting failur...
Pure reimbursement without income element escapes tax withholding, while delayed withholding and unsupported provisions face deferred or renewed scrut...
Public benefit requirement defeats charitable registration where residents' association services are reciprocal, member-only facilities governed by mu...
Exempt-income expenditure disallowance is confined to investments that actually generated exempt income, while supported business expenses remain dedu...
ITAT held that the assessee is entitled to depreciation on the intangible asset described as "Right to Collect Toll" under s.32. The Tribunal found that, under the DBFOT contract, the assessee has deemed ownership, acquisition and possession of the underlying project assets, which suffices to satisfy the ownership requirement for depreciation, even though the asset is intangible and cannot be "physically owned" in the manner envisaged by the AO. ITAT distinguished BOT projects relied upon by the Revenue, noting the wider scope of DBFOT and the deemed acquisition of the project by the assessee. The assessee's choice of depreciation instead of amortization was upheld. Revenue's appeal was dismissed.
ITAT held that the assessee is entitled to depreciation on the intangible asset described as "Right to Collect Toll" under s.32. The Tribunal found that, under the DBFOT contract, the assessee has deemed ownership, acquisition and possession of the underlying project assets, which suffices to satisfy the ownership requirement for depreciation, even though the asset is intangible and cannot be "physically owned" in the manner envisaged by the AO. ITAT distinguished BOT projects relied upon by the Revenue, noting the wider scope of DBFOT and the deemed acquisition of the project by the assessee. The assessee's choice of depreciation instead of amortization was upheld. Revenue's appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4790
Join Channel
TaxTMI 
