https://www.taxtmi.com/caselaws?id=173191 Tax treatment turned on two principles: transactions in hessian and B-Twills were treated as adventures in the nature of trade because they involved substantial quantities, were undertaken for resale and profit, and showed commercial features of trading; the resulting losses were therefore business losses. By contrast, amounts later forgone from managing agency commission, after they had accrued and been received in the relevant years, did not become deductible expenditure for those earlier years, because a post-year waiver does not alter the tax character of an accrued receipt. The reference thus produced a mixed result. en-us Wed, 19 Jun 1963 00:00:00 +0530 Wed, 09 Sep 2015 16:53:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173191 Tax treatment turned on two principles: transactions in hessian and B-Twills were treated as adventures in the nature of trade because they involved substantial quantities, were undertaken for resale and profit, and showed commercial features of trading; the resulting losses were therefore business losses. By contrast, amounts later forgone from managing agency commission, after they had accrued and been received in the relevant years, did not become deductible expenditure for those earlier years, because a post-year waiver does not alter the tax character of an accrued receipt. The reference thus produced a mixed result. Case-Laws Income Tax Wed, 19 Jun 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173191