Assessee is engaged in providing managerial, technical, consultancy and investment research services to two overseas funds. Assessee claimed as revenue expenditure .AO disallowed the claim. Tribunal allowed the claim of the assessee. High Court affirmed the order of the Tribunal. (AY. 2012-13)
PCIT v. Lok Advisory Services (P.) Ltd. (2019) 104 taxmann.com 67 / 264 Taxman 39 (Mag.) (Delhi) (HC)
S. 37(1) : Business expenditure–Consultancy fee-Investment research services, paid an amount to its foreign associate entity – Allowable as business expenditure.