1997 (5) TMI 6 - HC - Income Tax

Summary

The Commissioner of Income-tax revised an assessment under section 263 due to expenses exceeding a threshold. The Income-tax Appellate Tribunal ruled in favor of the assessee, stating that commission, sales incentive, and cash discount expenses were not subject to disallowance under section 37(3A) of the Income-tax Act. The Tribunal rejected the Revenue's reference application, deeming the issues as questions of fact. The reference application was ultimately rejected.