Commission based on profit per cent taxable in year in which profits of company gets finalized

ACIT Vs. Sri Sandip Somany (ITAT Kolkata)- We find that the assessee being a Joint Managing Director of M/s Hindustan Sanitary Ware and Industries Ltd was in receipt of commission based on net profits of the company determined and finalized in the subsequent year on a consistent basis and has been offering the same as his income from salary in the year in which the profits of the company have been finalized and approved by the shareholders in the annual general meeting of the company in accordance with the provisions of Companies Act, 1956. Duri

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