TMI Blog2019 (1) TMI 888X X X X Extracts X X X X X X X X Extracts X X X X ..... d the Tribunal on facts came to the conclusion that the commission paid to the foreign agents was for having worked on behalf of the Assessee in procuring sales. No question of law arises. Loss claimed by the Assessee upon sale of shares - AO noticed that Assessee had purchased the shares at ₹ 30 Crores but sold the same for an amount as low as ₹ 30 lakhs - Held that:- CIT(A) and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase and in law, the Tribunal was justified in allowing the foreign commission expense of the assessee on the basis of continuity without appreciating that the expenses were not examined in earlier years? (b) Whether on the facts and in the circumstances of the case, the Tribunal is right in treating the sale of shares of its holding company, viz. Mafatlal Industries Limited as genuine and all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evidences of types of services rendered by the recipients of commission payment. There should not be any dispute that the commission is generally paid for procurement of sales. The assessee has furnished evidences relating to commission payments in paper book at pages 164 to 253. The debit note raised by the assessee gives reference to the sales made. As submitted by the Ld A. R. about 80% of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the agents in other years and the same has been accepted by the AO. Under these set of facts, we are of the view that the AO has made the impugned addition only on surmises and suspicion. Accordingly, we affirm the order of the Ld. CIT(A) on this issue. 3. It can thus be seen that the entire issue is based on an appreciation of evidence on record. The CIT(A) and the Tribunal on facts cam ..... X X X X Extracts X X X X X X X X Extracts X X X X
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