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R.L.SANGANI, I.S.NIGAM
TRACTOR ENGINEERS LTD. – Appellant
Versus
FIRST INCOME-TAX OFFICER – Respondent
Per Shri R.L. Sangani, Judicial Member - This appeal by the assessee relates to the assessment year 1980-81.
2. The assessee is a company carrying on business of manufacturing trailer tract parts of the tractors. The assessee paid Rs. 1,20,761 to Larsen & Toubro Ltd., which was holding company in relation to the assessee- company. On 12-2-1971 the board of directors of Larsen & Toubro Ltd. passed a resolution in which it was observed that the said company had substantial interest in the assessee-company. It was resolved that the three directors of Larsen & Toubro Ltd., viz., Mr. H. Holck-Larsen, Mr. N.M. Desai and Mr. Gunnar Hansen would serve as members of the committee as directors of the assessee-company and that the remuneration payable to them (exclusive of sitting fees as member of the committee) would be held by them in trust for the company (L & T) and, shall be made over by them to the said company. Those three directors acted as trustees of Larsen & Toubro Ltd., and received Rs. 1,20,761 as commission from the assessee-company in the capacity of such trustees. In fact cheque for that amount had been given direct to Larsen & Toubro Ltd. by the assessee company. The sta
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