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...
Land held as stock-in-trade in a property development business was outside the scope of section 50C, because that provision applies only to transfer of a capital asset. The Tribunal found that the development agreement, power of attorney, revenue records and balance sheets showed the assessee was acting as a land developer and had not acquired title to the entire parcel. It also noted that the same transaction had already been disclosed as business turnover and accepted as business income, so applying capital gains treatment again would amount to impermissible double taxation. The addition as long-term capital gain was deleted.
Land held as stock-in-trade in a property development business was outside the scope of section 50C, because that provision applies only to transfer of a capital asset. The Tribunal found that the development agreement, power of attorney, revenue records and balance sheets showed the assessee was acting as a land developer and had not acquired title to the entire parcel. It also noted that the same transaction had already been disclosed as business turnover and accepted as business income, so applying capital gains treatment again would amount to impermissible double taxation. The addition as long-term capital gain was deleted.
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