Relief to Piramal Enterprises: ITAT directs AO to Re-adjudicate Disallowance of Payment Received as Consultancy Fees and Corporate Service Charges [Read Order]
The bench scrutinized the agreement with PEL, noting that apart from reimbursing expenses, the assessee was obligated to pay PEL royalty at a rate not exceeding 0.5% of turnover of goods manufactured and traded.
In a recent decision, the Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) has provided relief to Piramal Enterprises by instructing the Assessing Officer ( AO ) to reassess the disallowance of payments received as consultancy fees and corporate service charges. The Commissioner of Income Tax Appeals [CIT (A)] was found to…
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