Commission paid to the foreign agents for having worked on behalf of the Assessee in procuring sales in outside India is allowable and sale of shares at lower rate / price was not colourable device employed by the Assessee. (ITA No.1161 of 2016, dt.16/01/2019)
PCIT v .Navin Fluorine International Ltd. (Bom)(HC)(UR) Editorial: SLP of revenue is dismissed (SLP No.19379 of 2019 dt.13/08/2019) (2019) 417 ITR 55 (St.)(SC)
S.37(1) :Business expenditure – Commission paid to the foreign agents for having worked on behalf of the Assessee in procuring sales is held to be allowable- Business Loss – No colourable device employed by Assessee in the process sale of shares at low price- Loss is held to be allowable .[ S.28(i) ]