https://www.taxtmi.com/caselaws?id=25560 The High Court interpreted the disallowance of commission payment under section 40(b) of the Income-tax Act, 1961, referencing a Full Bench decision. It clarified that the rejection of a special leave petition by the Supreme Court does not automatically confirm the lower court's decision. Relying on precedents, the Court emphasized that refusal of special leave does not equate to agreement with the lower court's judgment. Overruling a previous judgment, the Court ruled in favor of the assessee, noting that detailed consideration by the Supreme Court is necessary to determine the binding effect of a judgment. The decision favored the assessee with no order as to costs. en-us Wed, 26 Jun 1985 00:00:00 +0530 Fri, 29 Jan 2010 13:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25560 The High Court interpreted the disallowance of commission payment under section 40(b) of the Income-tax Act, 1961, referencing a Full Bench decision. It clarified that the rejection of a special leave petition by the Supreme Court does not automatically confirm the lower court's decision. Relying on precedents, the Court emphasized that refusal of special leave does not equate to agreement with the lower court's judgment. Overruling a previous judgment, the Court ruled in favor of the assessee, noting that detailed consideration by the Supreme Court is necessary to determine the binding effect of a judgment. The decision favored the assessee with no order as to costs. Case-Laws Income Tax Wed, 26 Jun 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25560