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1960 (5) TMI 1 - SC - Income TaxWhether on the facts and circumstances of the case the managing agency commission @ 3 1/2 on sales made by the New Swadeshi Mills of Ahmedabad Ltd., between April 1, 1944, and December 31, 1944, accrued to Shivnarayan Surajmal Nemani, or to the assessee ? Held that:- View of the managing agency agreement of March 15, 1925, concludes the appeal. If the remuneration accrued at the end of the financial year, then undoubtedly it accrued in the hands of the assessee company. On the view which we have taken of the relevant clauses of the managing agency agreement, no income arose or accrued on the sale proceeds at the time of each transaction of sale the income accrued at the end of the financial year at the rate of 3 1/2 per cent. on the gross proceeds of all sales of yam, cloth, waste etc. earned in any one year. In that view of the matter, the High Court correctly answered the question. Appeal dismissed.
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