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...
Vicarious liability for non-realisation of export proceeds requires proof that the director was in charge of and responsible for the company's business at the time of the contravention. The Tribunal held that most exports occurred after the director's resignation, one claim had not yet matured for realisation, and the complaint did not identify his specific role or any material showing personal responsibility for the unrealised proceeds. In the absence of a factual foundation establishing day-to-day control or responsibility, the department failed to discharge the burden for fastening penalty, and the penalty was cancelled.
Vicarious liability for non-realisation of export proceeds requires proof that the director was in charge of and responsible for the company's business at the time of the contravention. The Tribunal held that most exports occurred after the director's resignation, one claim had not yet matured for realisation, and the complaint did not identify his specific role or any material showing personal responsibility for the unrealised proceeds. In the absence of a factual foundation establishing day-to-day control or responsibility, the department failed to discharge the burden for fastening penalty, and the penalty was cancelled.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4824 
Join Channel 
