[aaykarbhavan] Payment of commission with RBI’s approval for export to Iraq under ‘Food and Oil programme’ isn’t prohibited

Payment of commission with RBI's approval for export to Iraq under 'Food and Oil programme' isn't prohibited

August 2, 2014[2014] 47 taxmann.com 58 (Mumbai - Trib.)

IT : Where Assessing Officer disallowed assessee's claim for commission paid to intermediary companies in respect of export made to Iraq under 'Food for Oil Programme' run by United Nations taking a view that it was in nature of prohibited payment in terms of Explanation 1 to section 37(1), in view of fact that said payment was duly approved by RBI, impugned disallowance deserved to be deleted

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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