2019 (8) TMI 631 - SCH - Income Tax

Commission paid to foreign agents - allowable business expenses - evidence on record to show that such foreign agent had worked on behalf of the Assessee in procuring sales - Loss claimed by the Assessee upon sale of shares - AO noticed that Assessee had purchased the shares at ₹ 30 Crores but sold the same for an amount as low as ₹ 30 lakhs - HELD THAT - SLP dismissed.

Summary

The Supreme Court dismissed the Special Leave Petition with condonation of delay. Pending application was disposed of. Case Citation: 2019 (8) TMI 631 - SC Order. Justices: Hon'ble Mr. Justice Rohinton Fali Nariman and Hon'ble Mr. Justice Surya Kant. Petitioner represented by Mr. K.M. Natraj, ASG and others.