Live Help
Get News Alerts from Taxmann.com on your desktop.
No Thanks Allow
You have blocked the notification on recent updates. Click below to re-subscribe.
No Thanks
You have already subscribed to Taxmann’s notification.
No Thanks UnSubscribe
Your Session Will Expire in   seconds.
If you do not wish to log-out, choose 'Let me continue'
Reset Session Cancel Session
 

SRK wins tax case; ITAT allows Rs 10 cr. deduction for securing IPL team sponsorship for Star India

March 20, 2017[2017] 79 taxmann.com 227 (Mumbai - Trib.)
873 Views

IT : Where assessee had a long-standing professional relationship with Star India and assessee entered into an arrangement with Star India on a mutually agreed basis whereby loss suffered by Star India was sought to be recouped with earnings from sponsorship of assessee's Cricket Team Kolkata Knight Riders and assessee incurred Rs. 10 crores on this behalf, since there is a nexus between impugned expenditure and purpose of business, same was to be allowed

IT : Where revenue's case was that brand equity of Knight Riders Sports and Star India was enhanced because of appearances by assessee, and in subsequent year, assessee had purchased shares of Knight Riders Sports, there is a certain amount of income within meaning of section 2(24)(iv) attributable to assessee's appearance, in view of fact that no such appearances and promotions had indeed been carried out and Assessing Officer had not able to establish as to what benefit had been obtained by assessee, no addition could be made

IT : Income from Dubai Villa was liable to be taxed in India inasmuch as same was includible in return of income and whatever taxes that might have been levied in other contracting State, credit thereof was required to be allowed

read more

taxmann.com
Payment
Best view in 1140 x 768