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2011 (7) TMI 660 - ITAT, PUNEBusiness expenditure- share broker- sub-brokerage paid to relatives- payee are the experienced brokers of Stock Exchange for years and registered with the SEBI for doing sub-brokerage activity- Held that:- There are no counter evidences in the possession of the revenue that the sub brokers are not capable of having their own clientele, who were said to have been diverted to the assessee and earned the impugned sub-brokerage. It is evident from the way they earned income and taxing of the same by the revenue. The same accepted by the revenue. It is also not the case of the revenue that there exists any tax avoidance. Thus, it is a possible view that the payee are capable of earning sub brokerage. Assessee has successfully discharged requisite initial onus. Decided against the Revenue.
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