Assessee was entitled for deduction towards commission and brokerage

IT : Where statement recorded under section 132(4) had been retracted and revenue did not press into service any other supporting material, assessee was entitled for deduction towards commission and brokerage
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[2015] 55 taxmann.com 176 (Andhra Pradesh)
HIGH COURT OF ANDHRA PRADESH
Commissioner of Income-tax, Karnataka
v.
Shri Ramdas Motor Transport Ltd.*
L. NARASIMHA REDDY AND T. SUNIL CHOWDARY, JJ.
REFERRED CASE NO. 64 OF 2002
OCTOBER  24, 2014
Section 132, read with section 37(1) of the Income-tax Act, 1961 - Search and seizure (Statement under section 132(4)) - Assessment year 1984-85 - Assessing Officer relied upon a statement recorded under section 132(4) from managing director of assessee company, disallowed deduction towards commission and brokerage on sale of automobile parts - Whether Explanation to section 132(4) is retrospective in nature - Held, yes - Whether since statement recorded under section 132(4) had been retracted and revenue did not press into service any other supporting material, assessee was entitled for deduction towards commission and brokerage - Held, yes [Para 22] [In favour of assessee]