ITAT Deletes ₹6.75 Crore Professional Fee Disallowance Linked to Iran Sanction Banking Issues

Indisol Marketing Pvt. Ltd. Vs DCIT (ITAT Mumbai) The Mumbai ITAT deleted a disallowance of ₹6.75 crore paid as professional fees for facilitating import remittances relating to Iranian-origin goods affected by OFAC sanctions. The assessee, engaged in pharmaceutical imports, had appointed a consultancy firm to assist in expediting complex banking clearances and overseas remittances which were otherwise facing extraordinary delays due to sanctions scrutiny. The Tribunal noted that the payments were made through banking channels after deduction of TDS, the recipient had responded to notice u/s...