2015 (11) TMI 800

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....Durrez Ahmed, J ( Oral ) 1. This appeal has been preferred by the Revenue against the order dated 18.03.2015 passed by the Income Tax Appellate Tribunal in ITA No.960/DEL/2010 pertaining to the Assessment Year 2003-04. The issue sought to be raised by the Revenue is with regard to the franchise fee. The learned counsel for the Revenue pointed out that the assessee was collecting franchise fee fro....

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.... in the year in the question, no remittances were made to the parent Company because there was an embargo placed by the Government. Therefore, far from claiming expenditure of USD 45,000, it did not claim even expenditure in respect of USD 22,500 that it had received from its Joint Venture Companies. It was also further contended that the Tribunal as also the CIT (A) have returned findings of fact....

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....ith reference to licence and location fees. A memorandum was accordingly entered into. There was no novation of contract and it was only a change in the payment of fee to assessee. 7.3 Ld. Standing Counsel has referred to covenant 26 of the Master License Agreement as well as Franchisee agreement to submit that the modification of the Franchisee agreement could be only as agreed upon. In this re....