Human-probability test defeats political donation deductions where banking records mask accommodation-entry fund layering rather than genuine contribu...
Revision for alleged lack of inquiry into depreciation on toll-collection and sea-link operation rights was unsupported where the assessment record contained notices, details of the intangible-asset investment, the concession agreement and the depreciation claim. CBDT Circular No. 9/2014 concerning expenditure incurred by a BOT road or highway developer did not apply to a non-developer concessionaire that acquired toll-collection, operation and maintenance rights. As the cost was deductible through either depreciation or amortisation, the difference concerned timing and caused no real prejudice to revenue. The revision was quashed and the original assessment restored.
Revision for alleged lack of inquiry into depreciation on toll-collection and sea-link operation rights was unsupported where the assessment record contained notices, details of the intangible-asset investment, the concession agreement and the depreciation claim. CBDT Circular No. 9/2014 concerning expenditure incurred by a BOT road or highway developer did not apply to a non-developer concessionaire that acquired toll-collection, operation and maintenance rights. As the cost was deductible through either depreciation or amortisation, the difference concerned timing and caused no real prejudice to revenue. The revision was quashed and the original assessment restored.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4921 
