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 ITAT held that an alleged unexplained investment in shares must be assessed in the correct year of taxability. On the basis of the contract-cum-bill, the broker's ledger and IDS disclosure material, it found that the shares were purchased on 02.07.2010, so the investment fell in AY 2011-12 and not AY 2012-13. The addition made in AY 2012-13 was therefore deleted and the appellate order set aside. The Tribunal left it open to the Assessing Officer to examine the source of the investment in the year of purchase in accordance with law.
The ITAT held that an alleged unexplained investment in shares must be assessed in the correct year of taxability. On the basis of the contract-cum-bill, the broker's ledger and IDS disclosure material, it found that the shares were purchased on 02.07.2010, so the investment fell in AY 2011-12 and not AY 2012-13. The addition made in AY 2012-13 was therefore deleted and the appellate order set aside. The Tribunal left it open to the Assessing Officer to examine the source of the investment in the year of purchase in accordance with law.
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