1999 (4) TMI 34

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....ee is aggrieved by the order of Tribunal, which had held that a sum of Rs. 66,820 debited to the P&L a/c as sales incentive to customers is not a deductible item of expenditure. At the instance of the assessee the following question of law has been referred to us for our consideration. "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding and had ....

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.... as profit for the year. Such a high proportion of the income being distributed among the members and non members in that fashion certainly wanted the matter being examined more closely. The assessee, however, did not place any more material before the AO to satisfy him that it was in the fact genuine incentive and not an indirect distribution of the profits of the year among the members. 3. Th....