https://www.taxtmi.com/caselaws?id=15963 The High Court of Bombay addressed the deductibility of secret commission as business expenditure under section 37 of the Income-tax Act, 1961. The Court found that the Tribunal's decision to allow the deduction without considering the newly added Explanation to section 37(1) was incorrect. The matter was remitted back to the Tribunal for re-examination in light of the Explanation, emphasizing the need to ensure expenses comply with legal amendments retrospectively. en-us Sat, 06 Mar 1999 00:00:00 +0530 Mon, 31 Aug 2009 12:28:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15963 The High Court of Bombay addressed the deductibility of secret commission as business expenditure under section 37 of the Income-tax Act, 1961. The Court found that the Tribunal's decision to allow the deduction without considering the newly added Explanation to section 37(1) was incorrect. The matter was remitted back to the Tribunal for re-examination in light of the Explanation, emphasizing the need to ensure expenses comply with legal amendments retrospectively. Case-Laws Income Tax Sat, 06 Mar 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15963