9911796707
TMI Blog2021 (7) TMI 250X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment years 2001-02 onwards in some of the years vide order dated 9th September, 2019 [ 2019 (9) TMI 551 - ITAT DELHI] wherein held that there is no applicability of doctrine of diversion of income by over-riding title in this case. Also we direct the AO that when this income is held to be chargeable to tax , assessee is principally entitle for benefit of set off of any carry forward losses of earlier years, if determined in accordance with law. The assessee is directed to produce the relevant details before the ld. Assessing Officer. - I.T.A. No. 4433/Del/2017 - - - Dated:- 5-7-2021 - MS. SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER Assessee by : Mr. S. Krishnan, Advocate; Departme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing is contrary to the facts on record. 5. That on the facts and in law, the Ld. C1T(A) has grossly erred in not recognising that in the current assessment year the increase in the sales and royalty income of YRIPL bore a direct nexus to the AMP activities canned on by the Appellant, and as such the benefit to YRIPL was clearly established. 6. That on the facts and in law, the Ld. CIT(A) has grossly erred in not appreciating that Pepsi Foods Ltd. also benefited from the exclusive right to sell its products granted as per the terms and conditions of the Pepsi Beverage Supply Agreement and as such all conditions relating to the mutuality concept stood satisfied. Even receipt is not income 7. That, without prejudice, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pvt. Ltd. Company engaged in the business of advertisement media and promotional activities exclusively for its holding company Yam! Restaurants (India) Pvt. Ltd. along with his franchisees at regional and national level. Thus, this company was performing a marketing function of the business of Pizza Hut , KFC; and Taco Bell . The holding company of the assessee thus sells the Pizza and this company markets the Pizza. 03. The company filed its return of income on 28.09.2012 showing the surplus of income over expenditure amounting to ₹ 3,91,94,261/- and same was adjusted against the excess spent of earlier years. Thus, the return of income was NIL . Assessee stated that this income is not chargeable to tax because of the princip ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ground Nos. 2 7 of the appeal, are dismissed. 08. With respect to ground Nos. 8 9 with respect to the income of the assessee not chargeable to tax on the principle of diversion of income by over-riding title, this issue is also covered against the assessee in assessee s case by decision of ITAT for assessment years 2001-02 onwards in some of the years vide order dated 9th September, 2019 wherein the co-ordinate bench dealt with the above ground as per para No. 6 onwards and finally deciding in para No. 41 of that judgement, that there is no applicability of doctrine of diversion of income by over-riding title in this case. Therefore, grounds Nos. 8 9 are also covered against the assessee by the decision of the co-ordinate bench in as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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