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PETITIONER: THE COMMISSIONER OF INCOME-TAX,BOMBAY NORTH & OTHERS.
Vs.
RESPONDENT: M/S. HARIVALLABHDAS KALIDAS AND CO.,
DATE OF JUDGMENT: 19/02/1960
BENCH: KAPUR, J.L. BENCH: KAPUR, J.L. DAS, S.K. HIDAYATULLAH, M.
CITATION: 1960 AIR 703 1960 SCR (3) 50 CITATOR INFO : R 1960 SC1336 (3) MV 1986 SC 757 (15)
ACT: Incometax-Managing Agent’s Commission payable at the end of the year-Rate of Commission reduced before then by agree- ment-If voluntary relinquishment of a Portion of accrued commission.
HEADNOTE: The respondent-firm Harivallabhdas Kalidas was appointed the Managing Agent of Shri Ambika Mills Ltd., the appellant in the connected appeal by means of a Managing Agency Agreement the relevant portion of which ran thus:- (2)(a) The Company shall pay each year to the said Firm either the commission of 5 (five) per cent on the total sale proceeds of yarn, and of all cloth, manufactured from cotton, 51 silk, jute, wool, waste and other fibres and sold by the company, or a commission of three pies per pound avoirdupois on the sale, whichever the said Firm choose to take, and also a commission of 10 (ten) per cent on the proceeds of sale of all other materials sold by the Company and 10 (ten) per cent on the bills of any ginning and pressing factories and on any other work done by the Company." And by clause (5)...