Notional income rejected as assessee had recovered project cost ...

Project cost recovery via tolls, ads & rentals - no notional income. Land lease, no revenue subsidy. Deep discount bonds interest allowed.

Case Laws Income Tax

September 2, 2024

Notional income rejected as assessee had recovered project cost from toll, advertisement and rental income, hence no designated return earned. Revenue subsidy disallowed as land was leased, not transferred by Noida. Interest u/s 43B on deep discount bonds allowed on accrual basis. Capital subsidy not to be reduced, no recomputation of depreciation. Claim of depreciation u/s 32 and brought forward depreciation remanded to CIT(A) for adjudication as not adjudicated earlier.

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Notional income rejected as assessee had recovered project cost ...

Project cost recovery via tolls, ads & rentals - no notional income. Land lease, no revenue subsidy. Deep discount bonds interest allowed.

Case Laws Income Tax

September 2, 2024

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