Tribunal held that the consideration for the payment towards brand licence was determined based on valuation of the brand by an independent valuer and the payment towards brand licence was capitalised in the books of account and depreciation was claimed only on yearly basis. The payment for the consideration was subjected to the Reserve Bank of India approvals. Further, the Department had taxed the entire amount received by the television channel from the assessee in the assessment year 2011-12. Once the payments including the amount had been approved by the competent authority that had specifically considered the value of the brand licence fees paid for the channel there could not be any disallowance of expenses. Followed

Star India P. Ltd. v. ACIT (ITA. Nos. 1901/Mum/2016 and 1048/Mum/2017 dt 1-8 -2019)  (AY.2013-14)