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| The Tax Publishers2020 TaxPub(DT) 1053 (Mum-Trib) INCOME TAX ACT, 1961
Section 80-O
Since assessee had placed on record sufficient documentary evidences to substantiate its claim under section 80-O with respect to services rendered and except for mere suspicion and allegation, nothing was brought on record by AO to counter the assessee's claim, therefore, allegations of AO that fee was received in that capacity was without any corroborative evidences and accordingly appeal of Revenue was dismissed.
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Deduction under section 80-O - Allowability - Commercial and technical service -
Revenue before this Tribunal had filed an appeal on the ground that CIT(A) had erred in directing AO to modify the claim of assessee under section 80-O treating the receipt of an amount from M/s. M as fee received in consideration of the services rendered in terms of agreement without appreciating the fact that the said amount was on account of co-lead manager and not for any commercial and technical services as specified under section 80-O. Held: Assessee had placed on record sufficient documentary evidences to substantiate its claim under section 80-O with respect to services rendered to M/s. M. The claim was duly supported by confirmatory letter of M/s. M as well as RBI approval letter which specifically prohibited devolvement of foreign exchange to assessee. On the contrary, except for mere suspicion and allegation, nothing was brought on record by AO to counter assessee's claim. It was beyond doubt that assessee was acting as co-lead manager but allegations of AO that fee was received in that capacity was without any corroborative evidences. Therefore, conclusion of CIT(A) could not be faulted with.
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 1995-96
IN THE ITAT, MUMBAI BENCH
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