Trademark depreciation and section 14A adjustments: ITAT applies consistency, independent book-profit computation, and no disallowance without exempt ...
Rebuttable search presumptions and corroboration standards shaped deletion of unsubstantiated additions, while rental income and limited profit estima...
Revision under section 263 was upheld because the reassessment order suffered from a complete lack of inquiry on the purchase-side taxability of the difference between immovable property consideration and stamp duty value. The Tribunal noted that the Assessing Officer examined the sale-side valuation issue but failed to consider the applicable provision for the purchase transaction, instead referring to section 56(2)(x), which was not relevant to the assessment year. This non-application of mind on a material issue made the order erroneous and prejudicial to the interests of the Revenue. As the Principal Commissioner only set aside the matter for fresh verification after granting the assessee an opportunity, the revisionary jurisdiction was valid.
Revision under section 263 was upheld because the reassessment order suffered from a complete lack of inquiry on the purchase-side taxability of the difference between immovable property consideration and stamp duty value. The Tribunal noted that the Assessing Officer examined the sale-side valuation issue but failed to consider the applicable provision for the purchase transaction, instead referring to section 56(2)(x), which was not relevant to the assessment year. This non-application of mind on a material issue made the order erroneous and prejudicial to the interests of the Revenue. As the Principal Commissioner only set aside the matter for fresh verification after granting the assessee an opportunity, the revisionary jurisdiction was valid.
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