Subscription paid towards Brand Equity & Business Promotion was allowable as revenue expense

Tata Chemicals Limited Vs DCIT (ITAT Mumbai) Conclusion: Addition of sum paid to Tata Sons Limited towards subscription paid for Brand Equity and Business Promotion Agreement was not justified as the said payment was made annually on a recurring basis for business purpose and the same was allowable as a revenue expense. Held:  During the course of assessment proceedings, assessee submitted before AO stating that the Company had entered into an agreement titled “Tata Brand Equity & Business Promotion Agreement” vide which it had to pay 0.25% of its annual profits to M/s Tata Sons Ltd....