2007 (5) TMI 144

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....the Commissioner (Appeals) on 10-10-2006. In the impugned order, the Commissioner has observed that the appellant had received remuneration from the broker on each transaction done through him which is a part of brokerage earned by the main broker from the sale/purchase of the securities of a client referred by the appellant sub-broker. 3. According to the learned Commissioner, the appellant has ....

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.... issued by Master Capital Services Ltd. (main broker) which certifies that the sub-broker appellant has been paid a sum of Rs. 3,45,461/- on account of sub-brokerage during April to September 2005 was relied upon by the appellant. The show cause notice dated 17-4-2006 issued to the appellant no doubt refers to this certificate but states that since the noticee appellant is holding the independent ....