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TMI Blog2018 (1) TMI 1489X X X X Extracts X X X X X X X X Extracts X X X X ..... vided services to the two overseas funds Lok I and Lok II and received advisory fees Held that:- It is because the services provided by Lok Foundation that the increase in committed funds took place which consequently increased the assessee’s advisory fees from ₹ 4.7 crore in the preceding year to ₹ 9.21 crore in the current year, which is roughly 93%. As against this, the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Respondent : Shri S.R. Senapthy, Sr. DR ORDER PER R.S. SYAL, VP: This appeal filed by the Revenue is directed against the order passed by the CIT(A) on 08.12.2005 in relation to the assessment year 2012-13. 2. The only ground raised in this appeal is against the deletion of addition of ₹ 2,88,43,934/- made by the Assessing Officer. 3. Briefly stated, the facts of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a sum of ₹ 2.88 crore which was claimed as deduction. The Assessing Officer did not grant deduction by holding that such payment was not wholly and exclusively for the purpose of business. The ld. CIT(A) overturned the assessment order on this issue and deleted the addition. The Revenue has come up in appeal against such deletion. 4. Having heard both the sides and perused the relevant ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne, but also by Lok Foundation, by no standard, the payment made for securing services of Lok Foundation can be considered as not incidental to business. But for such services, the assessee would not have earned the revenue of this magnitude. Since such payment is incidental to carrying on of business. We are satisfied that the ld. CIT(A) rightly appreciated the facts in deleting the addition. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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