Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
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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.
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