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...
Interest on borrowed capital is deductible under section 36(1)(iii) only when the borrowing is for the assessee's own business or profession. Where the borrowed funds were invested by an individual as capital contribution in a partnership firm, and the business was carried on by the firm rather than by the individual, the statutory condition was not met. The claim, if available at all, would arise at the level of the firm and not in the individual partner's assessment. The deduction was therefore rightly disallowed, and the appeal was dismissed.
Interest on borrowed capital is deductible under section 36(1)(iii) only when the borrowing is for the assessee's own business or profession. Where the borrowed funds were invested by an individual as capital contribution in a partnership firm, and the business was carried on by the firm rather than by the individual, the statutory condition was not met. The claim, if available at all, would arise at the level of the firm and not in the individual partner's assessment. The deduction was therefore rightly disallowed, and the appeal was dismissed.
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