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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.)/[2017] 164 ITD 18 (Mumbai - Trib.)/[2017] 185 TTJ 289 (Mumbai - Trib.)
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IT : Where assessee entered into an agreement with Star India on a mutually agreed basis whereby loss suffered by Star India was recouped with earnings from sponsorship of assessee's Cricket Team Kolkata Knight Riders and assessee incurred Rs. 10 crores on this behalf, impugned expenditure was incurred wholly & exclusively for purpose of business, same was to allowed

IT : Where revenue's case was that brand equity of Knight Riders Sports and Star India was enhanced because of appearances by assessee-superstar, and in subsequent year, assessee had purchased shares of Knight Riders Sports, there was an income within meaning of section 2(24)(iv) attributable to assessee's appearance

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

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