Prohibited importation of cosmetics without prior regulatory registration attracts seizure and confiscation; warehousing or re export claims do not cu...
Provisional release on security permitted where cash deposit plus bond secures differential duty; classification and treaty benefits referred for deci...
Customs Valuation Rule Sequence must be followed; single-comparator re-determination and penalties set aside without comparability or proof of mis-dec...
Separately Identifiable Services: transportation found to be the essential character, so Cargo Handling classification and extended limitation rejecte...
ITAT held that the right to collect toll is an intangible asset, so depreciation at 25% and consequential additional depreciation were allowable. It also upheld reduction of actual cost by the NHAI subsidy under Explanation 10 to section 43(1), disallowing excess depreciation, and sustained rejection of the resurfacing expense provision as contingent and not scientifically estimated. Capitalisation of negative grant liability was disallowed, with depreciation on that amount also rejected. The assessee's alternative claim for enhanced deduction under section 80IA on additions arising from the same eligible infrastructure activity was allowed. Interest under sections 234A, 234B, 234C and 234D was to be recomputed as directed. Penalty under section 271(1)(c) was deleted because disallowance of a claim does not by itself prove inaccurate particulars.
ITAT held that the right to collect toll is an intangible asset, so depreciation at 25% and consequential additional depreciation were allowable. It also upheld reduction of actual cost by the NHAI subsidy under Explanation 10 to section 43(1), disallowing excess depreciation, and sustained rejection of the resurfacing expense provision as contingent and not scientifically estimated. Capitalisation of negative grant liability was disallowed, with depreciation on that amount also rejected. The assessee's alternative claim for enhanced deduction under section 80IA on additions arising from the same eligible infrastructure activity was allowed. Interest under sections 234A, 234B, 234C and 234D was to be recomputed as directed. Penalty under section 271(1)(c) was deleted because disallowance of a claim does not by itself prove inaccurate particulars.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4807 
Join Channel 
