https://www.taxtmi.com/caselaws?id=185301 A payment calculated by reference to profits was deductible where its true character was remuneration for services rendered, not a mere distribution of profits. The court noted that the adverse factual finding that the sum had not been paid was unsupported, because the record included the employee's statement, a receipt and the assessee's books, while the Tribunal's reliance on missing account books and absent interim commissions was irrelevant to actual payment. The amount was therefore treated as an admissible business deduction under the Income-tax Act, 1922, and the disallowance was not sustainable. en-us Wed, 17 Feb 1954 00:00:00 +0530 Mon, 08 Aug 2016 17:58:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185301 A payment calculated by reference to profits was deductible where its true character was remuneration for services rendered, not a mere distribution of profits. The court noted that the adverse factual finding that the sum had not been paid was unsupported, because the record included the employee's statement, a receipt and the assessee's books, while the Tribunal's reliance on missing account books and absent interim commissions was irrelevant to actual payment. The amount was therefore treated as an admissible business deduction under the Income-tax Act, 1922, and the disallowance was not sustainable. Case-Laws Income Tax Wed, 17 Feb 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185301