https://www.taxtmi.com/caselaws?id=183570 A profit-sharing payment payable only after profits were ascertained was treated as an appropriation of profits, not as rent or revenue expenditure incurred solely to earn income, so the deduction was disallowed under the 1922 Act. Advances made to two persons were also held not to be deductible as interest on borrowed capital, because the tax authorities had found them to be additions to partnership capital rather than a separate loan, and that factual finding was not open to interference in reference proceedings. The assessment was therefore left undisturbed against the assessee. en-us Thu, 06 Jan 1938 00:00:00 +0530 Tue, 14 Jun 2016 16:52:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183570 A profit-sharing payment payable only after profits were ascertained was treated as an appropriation of profits, not as rent or revenue expenditure incurred solely to earn income, so the deduction was disallowed under the 1922 Act. Advances made to two persons were also held not to be deductible as interest on borrowed capital, because the tax authorities had found them to be additions to partnership capital rather than a separate loan, and that factual finding was not open to interference in reference proceedings. The assessment was therefore left undisturbed against the assessee. Case-Laws Income Tax Thu, 06 Jan 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183570