9911796707
TMI Blog2011 (12) TMI 591X X X X Extracts X X X X X X X X Extracts X X X X ..... relates to the assessment year 2006-07 and impugns the order dated 30th May, 2011 passed by the Income Tax Appellate Tribunal (for short, the tribunal) in the case of Creative Travel Pvt. Ltd. 2. The Assessing Officer disallowed Rs. 77,37,965/- paid as commission and bonus to the directors on the ground that there was non-compliance and violation of the provisions of Section 36(1)(ii) of the Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of Rs. 77,37,965/-. The aforesaid amount as per the provisions of the Act was treated as salary paid and TDS was deducted. As per the findings recorded by the tribunal, the said Directors have paid tax in the highest tax bracket. The tribunal has rightly noticed that dividend has to be paid to all shareholders equally as per the provisions of the Companies Act, 1956. The said position cannot b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 03, 2005-06 and 2007-08, the Revenue had raised objections and disallowed commission/bonus payments made. The tribunal has decided the issue in favour of the assessee in the aforesaid assessment years. The Revenue preferred an appeal before the High Court for the assessment year 2005-06 in ITA No.1672/2010, which has been dismissed by this Court. 6. In view of the aforesaid facts, we do not find ..... X X X X Extracts X X X X X X X X Extracts X X X X
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