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1960 (2) TMI 7 - SUPREME COURT
Whether there was a voluntary relinquishment on the part of the managing agents of a part of the income, i.e., ₹ 1,00,000 which was the difference in both cases between the commission payable under the original agreements and the commission calculated on the modified agreements?
Held that:- In both these appeals the amount liable to income-tax would be the amount which the respective managing agents were entitled to receive as commission ; for, that would be the amount which would accrue or arise in each case and the amounts they were entitled to were ₹ 1,00,000 less than what they would have received had the terms of the managing agency agreements not been varied. Appeals dismissed.