Dear sir/madam,
My query is as follows:-
1.X Ltd.got the approval of a BOT Project from State govt. agency in sept.2005.

2.X Ltd.formed a SPV Y Ltd. in Nov. 2005 having 70% share and rest 30% held by other entity. Agreement executed between SPV and govt. agency for contract cost maximum of Rs. 150 crore in Nov. 2005.

3.X ltd. made an agreement with SPV Y Ltd. for taking the same contract on 202.00 Crores in Sept.2006.
In between the period of sept.2005 to sept.2006 X ltd. was doing all formalities for the project.

4. For Dec. 2006 quarter X Ltd. shows contract completed 35% and books profit of Rs.60.00 crores in compliance with AS-7.

Here my question is that can X lTD.show such profit in short term where the BOT Project taken by SPV is for 20 years and SPV can earn revenue after completion of project by charging toll charges etc?

Here 70% funds of SPV financed by X ltd itself,so in reality X Ltd is showing inflow of revenue from SPV which is nothing but its own fund invested in SPV.
Is it possible ?

R/s. Sir / Madam,
I want the TDS Circular which is given the rate of payment to Contractor.
This circulor is important for me.
Please give circulor number / link.
Sachin

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