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...
Blocked input tax credit on construction of immovable property remained unavailable where the taxpayer was engaged in renting immovable property, used works contract services for construction, and the credit fell within clauses (c) and (d) of Section 17(5). The Court also treated the claim as belated because the credit was not taken within the statutory time limit under Section 16. It held that a unilateral letter proposing availment did not amount to departmental approval, and that availing a much larger credit without concurrence justified invocation of fraud and suppression, the extended limitation period, and Section 74. The challenge to the common notice covering multiple tax periods also failed.
Blocked input tax credit on construction of immovable property remained unavailable where the taxpayer was engaged in renting immovable property, used works contract services for construction, and the credit fell within clauses (c) and (d) of Section 17(5). The Court also treated the claim as belated because the credit was not taken within the statutory time limit under Section 16. It held that a unilateral letter proposing availment did not amount to departmental approval, and that availing a much larger credit without concurrence justified invocation of fraud and suppression, the extended limitation period, and Section 74. The challenge to the common notice covering multiple tax periods also failed.
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