Sponsorship amount paid by IOCL to Global Cricket Corporation is not Royalty: ITAT [Read Order]

Sponsorship amount paid by IOCL to Global Cricket Corporation is not Royalty, rules ITAT
By Kalyani B. Nair - On December 29, 2023 12:03 pm - 2 mins read
Sponsorship - IOCL - indian oil corporation - Global Cricket Corporation - Royalty - ITAT - TAXSCAN

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) observed that the sponsorship amount paid by M/s. Indian Oil Corporation Ltd (IOCL) to Global Cricket Corporation is not royalty. The assessee was appointed as official sponsor of International Cricket Council (ICC) Events. An Official Sponsor (Worldwide) Agreement dated 16/12/2004was entered between the Global Cricket…

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