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TMI Blog2014 (10) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... for the Assessee, submits that this Appeal raises a substantial question of law inasmuch as the Revenue has sought to displace a transaction and which transaction by no stretch of imagination can be said to be collusive or not genuine. If the limited Company, to whom the payment was made, has shown the same in it's books of account, the amount was paid as commission by cheque and the identification of the parties was made, then, the Tribunal ought to have held that the Assessing Officer should have utilized his coercive powers and compelled the attendance of the persons, namely, Mr. Laxman Khemka. In not doing so and faulting the Assessee for not being able to produce this gentleman, the Commissioner of Income Tax (Appeals), as also, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess, that the presence of it's Director, namely, Mr. Laxman Khemka was found necessary and it was stated that he was not cooperating. 5 It is in these circumstances and when the confirmation letter from the Company was not produced that the Tribunal concluded that there is no supporting evidence to hold that Silver was imported by the Assessee at a lesser price from M/s Jerad Metal and that was possible only because of the contacts of Mr. Laxman Khemka with that entity and because of intervention of one Mr. Amar Singh, Manager of ICICI Bank. If the services were rendered by Mr.Laxman Khemka the commission ought to be paid to him, but that is not to be found to be the factual position. 6 We cannot hold that such findings of fact consis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Authorities cannot suggest as to what could be the reasonable amount. Once again this judgment and the principle therein has no application when the transaction itself was doubtful. 8 The order passed in the case of Commissioner of Income Tax v/s Genesis Commet (P) Limited reported in (2007) 163 Taxman 482 (Delhi), once again by the Delhi High Court is in the backdrop of the peculiar facts. The insistence on presence of the commission agent was found to be misplaced by the High Court because the Assessee furnished the copies of the accounts containing details of commission and the names of parties to whom the commission has been paid, have been disclosed. The persons to whom the commission was paid also confirmed receipt thereof. In the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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