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...
Telescoping of commission income already offered was confined to the net income returned and not to the gross profit claimed, where the assessee's business transactions were found to be bogus and commission income was to be estimated on the reported turnover and fresh investments. The recomputation was directed on that basis after reducing the income already declared. Cash deposits during the demonetisation period were held explained by earlier cash withdrawals, supported by date-wise details, bank statements and books of account, so the unexplained-money addition was deleted. Self-assessment tax credit reflected in Form 26AS was directed to be allowed after verification by the AO.
Telescoping of commission income already offered was confined to the net income returned and not to the gross profit claimed, where the assessee's business transactions were found to be bogus and commission income was to be estimated on the reported turnover and fresh investments. The recomputation was directed on that basis after reducing the income already declared. Cash deposits during the demonetisation period were held explained by earlier cash withdrawals, supported by date-wise details, bank statements and books of account, so the unexplained-money addition was deleted. Self-assessment tax credit reflected in Form 26AS was directed to be allowed after verification by the AO.
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