https://www.taxtmi.com/caselaws?id=5129 A deduction for compensation and arbitration expenses paid on termination of a managing agency was not allowable because the assessee failed to prove that the expenditure was laid out wholly and exclusively for the company's business; the Tribunal's findings showed no proved business services by the managing agents, personal disputes among partner-families, and no nexus with day-to-day business management. The High Court also lacked jurisdiction to require a second statement of case on questions not contained in the statutory application, since reference jurisdiction is confined to questions of law arising from the Tribunal's order and properly specified in the application. en-us Tue, 03 Sep 1968 00:00:00 +0530 Thu, 20 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5129 A deduction for compensation and arbitration expenses paid on termination of a managing agency was not allowable because the assessee failed to prove that the expenditure was laid out wholly and exclusively for the company's business; the Tribunal's findings showed no proved business services by the managing agents, personal disputes among partner-families, and no nexus with day-to-day business management. The High Court also lacked jurisdiction to require a second statement of case on questions not contained in the statutory application, since reference jurisdiction is confined to questions of law arising from the Tribunal's order and properly specified in the application. Case-Laws Income Tax Tue, 03 Sep 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5129