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Comission receipts
Assessee is a commission agent who keeps books of account in cash system.During the year on 2% commission he got goods from supplier for sale Rs.500000 worth. He supplied the goods to a party. That party becomes gave insolvent petition to the court. I want to know in commission agent books of how these txns to be entered or not to be entered. Tax implication on such txns please explain
Replies (1)
as the part gave insolvent petition to the court, till admitted no position on insolvancy so you can enter in yr books, that way you need to act ethically is my view sir. thanks.adv dr balakrishnan bombay hgh court (OS).
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