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2009 (8) TMI 10 - HC - Income TaxExpenditure incurred for payment of commission to taxi drivers, guides and other commission agents - The assessee carries on the business of departmental stores in which various handicrafts items, carpets etc. are sold to tourists. For the Assessment Year in question i.e. 2005-2006, the assessee claimed expenditure towards commission paid to the taxi drivers, guides and other commission agent to the tune of Rs.11,45,47,937/-. The Assessing Officer allowed Rs.1,21,55,213/- as expenditure out of the aforesaid amount claimed by the assessee. The assessee declared a total income of only 1.43 crores on a turnover of Rs.55,45,91,631/-. The declared gross profit rate was 54.15% and the net profit rate was only 1.93% - CIT(A) allowed expenditure at 14% - ITAT increased it to 16% - Assessee claimed at 18-20% - ITAT order maintained.
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