The assessee, a SPV, was formed for a BOT project in Kerala under a concession agreement with NHAI. The assessee declared NIL income and did not report any revenue since toll collection had not commenced (began in March 2022). The AO estimated income at 8% of gross receipts on account of absence of books of accounts and variation in receipts between Form 26AS and P&L. CIT(A) referred to CBDT Circular No. 09/2014 clarifying BOT infrastructure costs are deferred revenue expenditure, amortized over the toll period and held that the amount was construction cost, not income. CIT(A) deleted the addition. On Revenue’s appeal, ITAT upheld CIT(A)’s order and confirmed no income arises before toll operations begin. Thus, the ITAT dismissed Revenue’s appeal.  Relied on, CBDT Circular No. 09/2014, dated 23.04.2014.[AY. 2017-18,2018-19]