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2021 (1) TMI 37

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....e, for the sake of convenience, these appeals are clubbed, heard and disposed of by this consolidated order. We are taking the Assessment Year 2007-08 as lead case to adjudicate 3. The brief facts of the case are, the assessee is engaged in the business of investment holdings and consultancy services. Assessee filed his return of income for A.Y.2007-08 on 31.10.2007 declaring total income of Rs. 55,20,600/- under normal provisions of the Act and Rs. 22,68,62,20,848/- u/s. 115JB of the Act. The AO completed the assessment uls.143(3) of the Act on 29.12.2009 determining total income at Rs. 26,40,32,12,860/- under normal provisions of the Act and Rs. 26158,28,74,409/- u/s. 115JB of the Act. 4. Subsequently, the assessment was rectified vide ....

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..... Aggrieved with the above order, revenue and assessee are in appeal before us on the solitary ground that Ld. CIT(A) erred in allowing 50% of payments made to M/s Vaishnavi Corporate Communications Pvt. Ltd. (VCCPL) as consultancy fees. 9. At the outset, Ld. AR appearing on behalf of the assessee submitted that this ground is squarely covered by the order of Coordinate Bench of Hon'ble ITAT in ITA 4630 & 4637/Mum/2016 for AY 2009-10 in assessee's own case, wherein the entire payment to VCCPL has been allowed as a deduction to the assessee. She further submitted that assessee is pressing ground no. 6 since the Hon'ble IT AT has given relief to assessee on merits. She wanted to keep ground nos. 1 to 5, which is raised on jurisdi....

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....ices to be rendered by the parties concerned; (c) Annexure-C defining the data code of conduct; (d) Annexure-D defining the data code of conduct for prevention of insider trading and code of corporate disclosure practices (enclosed in pages 20-63 of the paper book). 7.6. We have already gone through the agreement entered by the assessee company with VCCPL dated 21/11/2006 referred to supra wherein in Annexure-A, the following are the list of companies that are listed out as belonging to Tata Group of companies which are covered within the ambit of this agreement:- * Tata companies * The Tata companies are substantively those that have signed the TATA Brand Equity and Business promotion agreement with TSL. * Key companies {includ....

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....Group and it was Unitech group which had ultimately acquired 2G telephone spectrum licenses from Department of Telecommunications, Government of India which are governed by Telecom Regulatory Authority of India (TRAI) regulations. Hence, the primary transactions of amounts invested by the assessee in Tata Realty Investment and Infrastructure Ltd., and its consequential funding to Unitech group and Unitech group's consequential utilisation for acquiring 2G licenses cannot be linked with payments made by the assessee to VCCPL. What is to be seen here is the purpose of payments by the assessee company to VCCPL. For this purpose what is relevant is the copy of media relations, strategic planning and public affairs services agreement entered bet....