Reopening of assessment cannot rest solely on an audit party's opinion; reassessment under Section 147/148 is impermissible and power of revision shou...
Tested party selection: functional analysis identified the least complex unit as the appropriate tested party, altering the transfer pricing adjustmen...
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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