Allowability of corporate cost of allocation expenses

IT : Where assessee filed additional evidence before Tribunal and same was relevant for adjudication of allowability of corporate cost of allocation expenses, matter was to be restored to file of Assessing Officer to decide issue afresh
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[2015] 53 taxmann.com 394 (Pune - Trib.)
IN THE ITAT PUNE BENCH 'B'
Eaton Industries Manufacturing Gmbh
v.
Deputy Director of Income-tax (International Taxation-I), Pune*
R.S. PADVEKAR, JUDICIAL MEMBER
AND R. K. PANDA, ACCOUNTANT MEMBER
IT APPEAL NO. 2468 (PN.) OF 2012
[ASSESSMENT YEAR 2009-10]
DECEMBER  9, 2014
Section 37(1), of the Income-tax Act, 1961, read with rule 29 of the Income Tax (Appellate Tribunal) Rules, 1963 - Business expenditure - Allowability of (Corporate cost allocation) - Assessment year 2009-10 - Assessee company was engaged in business of identifying and evaluating raw material suppliers - Assessing Officer observed that assessee had debited certain amount under head corporate cost allocation - Assessing Officer noted that assessee had neither produced basis of allocation nor produced documentary evidence for receipt of actual services, hence proposed disallowance under section 37(1) - Whether where assessee filed additional evidence before Tribunal and same was relevant for adjudication of allowability of corporate cost of allocation expenses, matter was to be restored to Assessing Officer to decide issue afresh - Held, yes [Para 5] [In favour of assessee/Matter remanded]