2010 (10) TMI 1111

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..... , AM: In this appeal, the revenue has raised the following ground: 1. On the facts and in the circumstances of the case and in law, the Ld. CIT[A] erred in deleting the addition of ₹ 19,57,735/- made by the AO without appreciating the fact the assessee was following cash payment of accounting and the claim of the assessee was outside the purview of section 36(1)(vii) of the Act. 2 .....

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..... which is a trading debt. The brokerage/commission income arising from such transactions very much forms part of the said debt and when the amount of such brokerage/commission has been taken into account in computation of income of the assessee of the relevant previous year or any earlier year, it satisfies the condition stipulated in section 362)(i) and the assessee is entitled to deduction u/s.36 .....

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