1985 (1) TMI 5

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..... question No. 3 has already been referred by the Tribunal under section 256(1) of the Income-tax Act, 1961. The remaining two questions were not referred. As far as question No. 1 is concerned, it is the question whether the sole selling agency commission should be allowed as an expense. We agree with the Tribunal that this is a question of fact and the Tribunal itself has allowed this commission o .....

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..... year into the next year as the opening stock. It so happens that the price of levy sugar, which is fixed by the Government, altered from Rs. 145 per quintal, on June 30, 1972, to Rs. 135.55 per quintal, on July 1, 1972. If the higher price was shown for the closing stock, it would be an overestimate for the following year. So, we agree that the Tribunal has correctly allowed the closing stock to b .....

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