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...
The case involved a dispute over CENVAT Credit denial based on a board circular alleging undervaluation of assets and claiming dual benefits. The Circular merely advised informing the income tax department about claimed expenses to avoid double benefits. It did not mandate CENVAT credit denial. The Tribunal in a similar case ruled that legitimate CENVAT credit under CENVAT Credit Rules, 2004 is unaffected by income tax treatment. Consequently, the appellant was deemed eligible for CENVAT credit, and the earlier denial was overturned, allowing the appeal.
The case involved a dispute over CENVAT Credit denial based on a board circular alleging undervaluation of assets and claiming dual benefits. The Circular merely advised informing the income tax department about claimed expenses to avoid double benefits. It did not mandate CENVAT credit denial. The Tribunal in a similar case ruled that legitimate CENVAT credit under CENVAT Credit Rules, 2004 is unaffected by income tax treatment. Consequently, the appellant was deemed eligible for CENVAT credit, and the earlier denial was overturned, allowing the appeal.
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