https://www.taxtmi.com/caselaws?id=458221 The Karnataka HC partially allowed the Revenue's appeal regarding disallowance of payments under Section 36(1)(iii). The court upheld ITAT's decision allowing payments to Azure Services as commercially expedient business strategy, following SC precedent in S.A. Builders Ltd. Similarly, payments to Asianet TV Holdings and India Radio Ventures for share consolidation were accepted. However, the court reversed ITAT's decision on Rs. 6.06 crores paid to sister concerns for consultancy services, finding insufficient evidence beyond invoices and agreements to substantiate the payments, and remanded the matter to AO for reconsideration. en-us Mon, 13 Mar 2023 00:00:00 +0530 Tue, 15 Oct 2024 20:00:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458221 The Karnataka HC partially allowed the Revenue's appeal regarding disallowance of payments under Section 36(1)(iii). The court upheld ITAT's decision allowing payments to Azure Services as commercially expedient business strategy, following SC precedent in S.A. Builders Ltd. Similarly, payments to Asianet TV Holdings and India Radio Ventures for share consolidation were accepted. However, the court reversed ITAT's decision on Rs. 6.06 crores paid to sister concerns for consultancy services, finding insufficient evidence beyond invoices and agreements to substantiate the payments, and remanded the matter to AO for reconsideration. Case-Laws Income Tax Mon, 13 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458221