Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
Assessee, an SPV executing a DBOT highway concession, capitalised project costs as intangible assets and claimed depreciation; the AO disallowed depreciation relying on ownership as determinative but allowed amortisation. The Commissioner (Appeals) and the Tribunal applied earlier Tribunal and Special Bench precedents holding that concession assets may attract depreciation despite contractual non ownership, and therefore allowed depreciation. The Tribunal upheld that application of binding precedents and dismissed revenue's appeal for the assessment year, sustaining the Commissioner (Appeals) deletion of the disallowance and permitting depreciation in lieu of the AO's approach.
Assessee, an SPV executing a DBOT highway concession, capitalised project costs as intangible assets and claimed depreciation; the AO disallowed depreciation relying on ownership as determinative but allowed amortisation. The Commissioner (Appeals) and the Tribunal applied earlier Tribunal and Special Bench precedents holding that concession assets may attract depreciation despite contractual non ownership, and therefore allowed depreciation. The Tribunal upheld that application of binding precedents and dismissed revenue's appeal for the assessment year, sustaining the Commissioner (Appeals) deletion of the disallowance and permitting depreciation in lieu of the AO's approach.
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