ITAT Allows Higher BOT Road Amortization Due to Early Termination of Concession Agreement

Plus BKSP Toll Limited Vs ACIT (ITAT Mumbai) The ITAT Mumbai decided three appeals filed by the assessee relating to Assessment Years 2012-13 and 2013-14 concerning amortization of expenditure incurred on a highway project executed under a Build-Operate-Transfer (BOT) concession agreement with Maharashtra State Road Development Corporation Limited (MSRDC). The appeals also involved a penalty imposed under Section 271(1)(c) of the Income Tax Act. The assessee, a special purpose vehicle formed by a Malaysian company and an Indian company, had entered into a concession agreement dated 25.08.2006 ...