Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (7) TMI 615 - AT - Income TaxDisallowance of payment - The assessee had a sales counter in Akbarallys Departmental Stores (hereinafter referred to as ADS) in Fountain and Chembur - Every fifteen days, ADS would submit the details of collection made and on the basis of these details, the assessee would prepare a bill on ADS and ADS would retain discount at the rate of 20% on the cash sales and 22% on the credit card sales and remit the balance to the assessee - The assessee itself has not been consistent in its description of the payment in its accounts as we see from the profit and loss accounts for the years ended 31-03-2001 to 31-03-2004, compiled in the paper book - For the services rendered by ADS to the assessee, compensation was paid in the form of a commission at the rate of 20% in respect of the cash sales and 22% in respect of the credit card sales - In the result, the assessee’s appeal is dismissed
|