https://www.taxtmi.com/caselaws?id=17903 The High Court analyzed whether the payment of Rs. 5 lakhs to IPCO Trading Company was for business purposes. The Court found that the payment was indeed for business, emphasizing its nonrefundable nature and independence from sales transactions. Regarding the consultancy fee paid to a director, the Court referred to a previous case involving the same company and concluded that it fell within the Income-tax Act provisions. The judgment was in favor of the assessee, directing the opinion to the Tribunal without costs, with both judges concurring. en-us Thu, 09 Jan 1997 00:00:00 +0530 Fri, 25 Sep 2009 15:21:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17903 The High Court analyzed whether the payment of Rs. 5 lakhs to IPCO Trading Company was for business purposes. The Court found that the payment was indeed for business, emphasizing its nonrefundable nature and independence from sales transactions. Regarding the consultancy fee paid to a director, the Court referred to a previous case involving the same company and concluded that it fell within the Income-tax Act provisions. The judgment was in favor of the assessee, directing the opinion to the Tribunal without costs, with both judges concurring. Case-Laws Income Tax Thu, 09 Jan 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17903