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 271D for alleged section 269SS violation was held time-barred where the Assessing Officer had recorded satisfaction and referred the matter for penalty during assessment, because limitation under section 275(1)(c) ran from the end of that month and was not extended by the later penalty notice. The penalty was also found unsustainable on merits: the receipt was genuine sale consideration for agricultural land, the assessee showed reasonable cause under section 273B, and the bona fide belief that such a transaction would not attract section 269SS negatived penalty. The levy was therefore quashed.
Penalty under section 271D for alleged section 269SS violation was held time-barred where the Assessing Officer had recorded satisfaction and referred the matter for penalty during assessment, because limitation under section 275(1)(c) ran from the end of that month and was not extended by the later penalty notice. The penalty was also found unsustainable on merits: the receipt was genuine sale consideration for agricultural land, the assessee showed reasonable cause under section 273B, and the bona fide belief that such a transaction would not attract section 269SS negatived penalty. The levy was therefore quashed.
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