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2012 (5) TMI 286 - HC - Income TaxBusiness expenditure - payment of commission - payment to relatives - Provisions of Section 40A(2)(b) of the Act. - held that:- Assessment Officer has examined various statements of the brokerage which were furnished by the assessee before him and in the case of investors, the assessee has net shown any payment of brokerage to the investor concerned and it has only shown payment of brokerage to his family members. It has been found by the Assessment Officer that it has been done to divert his income to his family members which would have otherwise become taxable in his own hands. Shri Uttam Chand Jain and Smt. Sunita Jain were having huge brought forward loss. The income was also diverted as against the huge loss. Provisions of Section 40A(2)(b) of the Act has been attracted. - Addition upheld - Decided against the assessee.
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