Dismissing the appeal of the revenue the Court held that, commission paid to broker is allowable as business expenditure though the purchaser has informed that no agent was involved in the contract when the payment was made by account payee cheque and commission agents have confirmed the service rendered. (AY. 2005-06)
CIT v. Genus Overseas Electronics (2020) 117 taxmann.com 103 (Raj.)(HC) Editorial : SLP of revenue is dismissed due to low tax effect,, CIT v.. Genus Overseas Electronics (2020) 272 Taxman 22 (SC)
S. 37(1) : Business expenditure-Paid by account payee cheque-Held to be allowable though the purchaser has informed that no agent was involved in the contract.