Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
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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