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 could not be sustained because the foundational allegation of acceptance of a cash loan was not conclusively established. The Tribunal noted that the assessment based on a seized loose paper and the lender's statement had already been quashed on a legal ground, leaving no final finding that the assessee had actually availed the loan. It also found that the alleged broker's identity was not established and no enquiry was made, so the claimed contravention of section 269SS remained unproved. The penalty was therefore directed to be deleted and the appeal was allowed.
Penalty under section 271D could not be sustained because the foundational allegation of acceptance of a cash loan was not conclusively established. The Tribunal noted that the assessment based on a seized loose paper and the lender's statement had already been quashed on a legal ground, leaving no final finding that the assessee had actually availed the loan. It also found that the alleged broker's identity was not established and no enquiry was made, so the claimed contravention of section 269SS remained unproved. The penalty was therefore directed to be deleted and the appeal was allowed.
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