9911796707
TMI Blog2017 (4) TMI 613X X X X Extracts X X X X X X X X Extracts X X X X ..... s Sri L.C. Gupta (HUF) and others were ladies and house wives representing the interest of HUF, they were not in a position to offer any professional advise on matters relating to production, market survey or procurement of orders etc. Sri L.C. Gupta was engaged as Manager (Finance) with the assessee firm - Assessee has taken substantial amount as loan from the relatives including partners of Comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hok Kumar,B.J.Agarwal ORDER We have heard Sri Suyash Agrawal learned counsel for the appellant and Sri Manu Ghildyal learned counsel for the department. This is income tax appeal has been filed by the assessee against an order of the Income Tax Tribunal dated 15.6.2001 for the assessment year 1991-92. Sri Suyash Agarwal has submitted that principal question involved in the appeal is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent has to be made for each year. The tribunal confirmed the order of AO, disallowing the commission paid by the assessee, with the findings that in the year in question, the sales had come down as compared to earlier year. This fact was noticeable from the order of AO in which it was found that the sale had come down from ₹ 1,25,48,169/- to ₹ 88,60,591/-. The tribunal also found that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... We further find that the questions whether assessment of commission was excessive or unreasonable is subject of discretion of the income tax authorities to be exercised under section 40A (2) (a) of the Act on the basis of material on records. In the present case, the findings have been recorded on the basis of material produced before the income authorities. In view of the above, the ins ..... X X X X Extracts X X X X X X X X Extracts X X X X
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