2008 (9) TMI 596

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....nt. ‑ This is an appeal filed by the assessee against the order dated 22-12-2004 of CIT(A)-XII, Mumbai for the assessment year 2001-02. 2. The only issue arising in this appeal relates to disallowance of Rs. 1,47,37,806 being payment on account of commission paid to M/s. Bonas & Co. The disallowance has been made under section 40(a)(i) of the I.T. Act, 1961 (the Act). 3. Briefly sta....

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.... the Assessing Officer was of the view that the assessee was required to deduct the tax at source under section 195 of the Act. Since the assessee failed to deduct such tax, the provisions of section 40(a)(i) were attracted. In view of the same, the aforesaid amount of commission was disallowed in computing the income of the assessee. 4. The matter was carried in appeal before the learned CIT(A....