https://www.taxtmi.com/caselaws?id=174363 Payment to a purported profit sharer was held not deductible under Section 10(2)(xv) because the sums advanced were from third parties, the formal postdated agreement lacked commercial substance, and there were no genuine advances by the payee; the arrangement operated as a diversion or distribution of profits rather than an expense incurred wholly and exclusively for carrying on business, so the payment is not allowable as a business deduction. en-us Tue, 16 Jan 1962 00:00:00 +0530 Wed, 07 Oct 2015 11:51:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174363 Payment to a purported profit sharer was held not deductible under Section 10(2)(xv) because the sums advanced were from third parties, the formal postdated agreement lacked commercial substance, and there were no genuine advances by the payee; the arrangement operated as a diversion or distribution of profits rather than an expense incurred wholly and exclusively for carrying on business, so the payment is not allowable as a business deduction. Case-Laws Income Tax Tue, 16 Jan 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174363