ITAT Remands Consultancy Fee Disallowance as Additional Evidence on Service Rendition Was Not Examined

Fyers Securities Private Limited Vs DCIT (ITAT Bangalore) The appeal concerned the disallowance of ₹5,50,80,000 paid as consultancy fees by the assessee to a related party, M/s. Fyers Investment Advisors Private Limited, for Assessment Year 2022-23. The assessee, engaged in stock brokering services, had claimed the expenditure as a business deduction. The Assessing Officer disallowed the claim under Section 37 of the Income Tax Act, and the disallowance was subsequently confirmed by the Commissioner of Income Tax (Appeals). During assessment proceedings, the assessee explained that the consu...