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...
Property held in a spouse's name is excluded from the statutory definition of a benami transaction, so a plea that the father was the exclusive owner was not barred. The notes explain that the spouse's attestation and acceptance of the father's will, coupled with acceptance of benefits under it, invoked the doctrine of election and prevented an inconsistent ownership claim. Testamentary permission to operate an office until the occupant chose otherwise did not create a life or proprietary interest where the office portion was absolutely bequeathed to others, subject to the spouse's life interest. Permissive occupation could be ended through mandatory injunction to obtain vacant possession.
Property held in a spouse's name is excluded from the statutory definition of a benami transaction, so a plea that the father was the exclusive owner was not barred. The notes explain that the spouse's attestation and acceptance of the father's will, coupled with acceptance of benefits under it, invoked the doctrine of election and prevented an inconsistent ownership claim. Testamentary permission to operate an office until the occupant chose otherwise did not create a life or proprietary interest where the office portion was absolutely bequeathed to others, subject to the spouse's life interest. Permissive occupation could be ended through mandatory injunction to obtain vacant possession.
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