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TMI Blog2016 (11) TMI 973X X X X Extracts X X X X X X X X Extracts X X X X ..... ing case. This is an appeal filed by the assessee under Section 260-A of the Income Tax Act, 1961 for the assessment year 2004-2005 against the order dated 8.8.2008 passed by the Tribunal whereby the Tribunal has disallowed the business expenses being commission on sales paid by the appellant @ 15 and confined it to 10 %. The following substantial questions of law have been sought to be answered: (A) Whether, quantum of commission to be paid is justicible when the need to pay such commission and its actual payment stood admitted? (B) Whether, after accepting genuineness for the need to pay and acceptance of the actual payment made towards sales commission, it is open to the Income Tax Authorities to estimate the quantum/risk of that p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f this section shall have effect notwithstanding anything to the contrary contained in any other provision of this Act relating to the computation of income under the head "Profits and gains of business or profession". Section 40A(2) (2)(a) Where the assessee incurs any expenditure in respect of which payment has been or is to be made to any person referred to in clause (b) of this sub-section, and the [Assessing] Officer is of opinion that such expenditure is excessive or unreasonable having regard to the fair market value of the goods, services or facilities for which the payment is made or the legitimate needs of the business or profession of the assessee or the benefit derived by or accruing to him therefrom, so much of the expenditu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the business or profession of the assessee; or any director, partner or member of such company, firm, association or family or any relative of such director, partner or member; (vi) any person who carries on a business or profession,? (A) where the assessee being an individual, or any relative of such assessee, has a substantial interest in the business or profession of that person; or (B) where the assessee being a company, firm, association of persons or Hindu undivided family, or any director of such company, partner of such firm or member of the association or family, or any relative of such director, partner or member, has a substantial interest in the business or profession of that person. Explanation For the purposes of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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