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HP Associates v .ITO ( 2020) BCAJ -September – P. 43 ( Mum) (Trib)

S.143(3): Assessment – Joint development – Share of profits paid to co -developer based on oral understanding can not disallowed as the recipient had offered it to tax and there being no revenue loss and the transaction was tax neutral [ S. 28(i) , 37 (1) ]

Allowing the appeal of the assessee the Tribunal held that  Share of profits paid to co -developer  based on oral understanding can not disallowed  as the recipient had offered it to tax and there being no revenue loss and the transaction was tax neutral . ( ITA No. 5929 /Mum/ 2018 dt 12-6 2020 ) (AY. 2011-12)