Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
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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