Business expenditure: contributions to Consumers' Subsidy Funds are deductible and subsidies received are taxable business income. Contributions by textile mills to Consumers' Subsidy Funds are deductible as business expenditure being laid out wholly and exclusively for business purposes, and subsidies received by the mills from those funds are revenue receipts treated as taxable business income.
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Provisions expressly mentioned in the judgment/order text.
Business expenditure: contributions to Consumers' Subsidy Funds are deductible and subsidies received are taxable business income.
Contributions by textile mills to Consumers' Subsidy Funds are deductible as business expenditure being laid out wholly and exclusively for business purposes, and subsidies received by the mills from those funds are revenue receipts treated as taxable business income.
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