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1956 (3) TMI 1 - SC - Income Tax
Whether a sum of ₹ 1,23,719 paid by the respondent as commission to its managing agents on account of profits of its Karachi branch can be allowed as deduction against the Indian profits?
Held that:- The appropriation, therefore, of ₹ 1,23,719 as proportionate commission in respect of the profits of ₹ 6,18,599 earned at Karachi in the profit and loss statement for that branch is not in accordance either with the terms of the managing agency agreement, or with the rights of the respondent under the law. Appeal dismissed.