1989 (1) TMI 89 - HC - Income Tax

Summary

The High Court of Kerala dismissed a petition filed by an assessee-firm engaged in film distribution regarding the taxation of commission income. The assessee had not appropriated the commission income as per the agreement terms, but the Tribunal upheld the tax assessment based on the mercantile system of accounting. The court found no legal questions to refer and dismissed the petition. (Case citation: 1989 (1) TMI 89 - Kerala High Court)