Payment of commission to directors owning entire capital were paid commission for their hard work not allowed as it was paid in lieu of profit or dividend as it was revealed that the profit earned was due to improved market conditions and not because of any extra services were rendered for improving the performance of the company.
Friday, 23 December 2011
Dalal Broacha Stock Broking (P.) Ltd v. Addl. CIT - Mumbai Tribunal - Special Bench
Payment of commission to directors owning entire capital were paid commission for their hard work not allowed as it was paid in lieu of profit or dividend as it was revealed that the profit earned was due to improved market conditions and not because of any extra services were rendered for improving the performance of the company.
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