Secret Commission paid to parties in Cheque Discounting Business was eligible for 50% Deduction

Chintan Niketan Bhandari Vs DCIT (ITAT Ahmedabad) Conclusion: Where assessee had clearly submitted that he had no records of parties to whom such “secret commission”, but also considering the fact that assessee submitted that payment of such commission helped in generating the “cheque discounting” business, 50% of such “secret commission” was directed to be allowed in the interests of justice. Held: AO himself, on the basis of documents unearthed during the course of search, had observed that assessee was engaged in the business of “cheque discounting” and in the assessment ord...