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2017 (11) TMI 508 - AT - Income TaxAllowing the expenditure claimed on account of refund and the professional fees - allowable business expenditure - CIT(A) allowed the claim of the assessee holding that the refund of fees by the assessee is out of commercial expediency it is not a sham or colorable transaction as stated by the Assessing Officer - Held that:- The assessee in the course of his business and out of commercial expediency refunded an amount of ₹.10 Crores to UTV and this amount can be said to have been incurred whole and exclusively for the purpose of business/profession of the assessee within the meaning of the section 37(1) of the Act. In the circumstances we uphold the order of the Ld.CIT(A) in holding that the refund of fee by the assessee is an allowable expenditure. - Decided against revenue
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