Supreme Court · 1960 INSC 27 · Decided 17 February 1960
The Commissioner of Income-Tax, Bombay v. Chandulal Keshavlal & CO., Petlad
- Court
- Supreme Court of India
- Citation
- 1960 INSC 27 · [1960] 3 S.C.R. 38
- Case number
- CIVIL APPEAL No. 167/1958
- Decided
- 17 February 1960
- Bench
- S.K. DAS, J.L. KAPUR, M. HIDAYATULLAH (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(2)(xv)
Headnote
SUPREME COURT REPORTS [1960] THE COMMISSIONER OF INCOME-TAX, BOMBAY v. CHANDULAL KESHA VLAL & CO., PETLAD (S. K. DAs, J. L. KAPUR and M. HrnAYATULLAH, JJ.) Income-tax-Managing Agent relinquishing part of commission due from managed company-Whether amount relinquished is deduc­ tible as a company and for the accounting year 1950 its total commission was Rs. 3,09,n4. At the oral request· of the Directors of the Company made during the accounting year.the assessee agreed to accept Rs. l,00,000 only as its commission and relinquished the balance. The Income-tax Officer and
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