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...
Penalty under section 271AAC is discretionary and cannot follow automatically from an addition under section 68. Where unsecured loans were recorded in the books and the addition arose only because the assessee failed to furnish details in an ex parte assessment, mere non-acceptance of the explanation did not by itself justify penalty. Treating penalty proceedings as quasi-criminal, the Tribunal held that a higher standard applies than for making an addition and that technical failure to satisfy the Assessing Officer is insufficient. It therefore deleted the penalty and allowed the appeal.
Penalty under section 271AAC is discretionary and cannot follow automatically from an addition under section 68. Where unsecured loans were recorded in the books and the addition arose only because the assessee failed to furnish details in an ex parte assessment, mere non-acceptance of the explanation did not by itself justify penalty. Treating penalty proceedings as quasi-criminal, the Tribunal held that a higher standard applies than for making an addition and that technical failure to satisfy the Assessing Officer is insufficient. It therefore deleted the penalty and allowed the appeal.
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