2012 (6) TMI 113

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..... sessment year 2004-05, in the case of The India Thermit Corporation Ltd. impugns the order dated 2nd June, 2010 passed by the Income Tax Appellate Tribunal (for short, the tribunal) on the question of commission paid to the directors. 2. In the grounds of appeal, it is stated that commission of Rs.30,03,935/- was paid and claimed as expenditure in the profit and loss account. However, it is notic .....

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..... profit. 4. The reasoning given by the Assessing Officer is clearly fallacious and wrong. The Assessing Officer cannot decide what the assessee should do and pay. Disallowances can be made under Section 40A(2), when warranted and required and when the conditions of the said section are satisfied. This is not the foundation or basis for the disallowance. As per the assessment order, the respondent .....

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