https://www.taxtmi.com/caselaws?id=12843 Commission income from insurance agency business could not be validly assigned for tax purposes to a firm that lacked the statutory licence required to carry on that business. Because the firm was legally incapable of undertaking the agency activity under the Insurance Act, the arrangement was treated as a mere tax-reduction device and did not change the true character of the income. The commission therefore remained taxable in the assessee's hands, and the contrary contention was rejected. en-us Wed, 11 Apr 2001 00:00:00 +0530 Fri, 22 May 2009 15:03:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12843 Commission income from insurance agency business could not be validly assigned for tax purposes to a firm that lacked the statutory licence required to carry on that business. Because the firm was legally incapable of undertaking the agency activity under the Insurance Act, the arrangement was treated as a mere tax-reduction device and did not change the true character of the income. The commission therefore remained taxable in the assessee's hands, and the contrary contention was rejected. Case-Laws Income Tax Wed, 11 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12843