Traveling Expenses on behalf of Associated Companies for which cost plus mark-up billing is done are allowable

DCIT Vs. M/s. Sherpalo India Advisors (P) Ltd. (ITAT Delhi) AO disallowed an amount of Rs. 23,42,772/- out of traveling expenses of Rs. 89,15,775/- claimed by the assessee company on account of traveling expenses on the ground that no supporting document or any submission by the assessee company has been filed to substantiate the purpose of these visits, the events or meetings. The ld. CIT (A) deleted the addition of Rs.23,42,772/- keeping in view the fact that since the assessee company is providing services to the investing companies, interest in investment in various companies working in In...