https://www.taxtmi.com/caselaws?id=7568 Clause 2(b) of the managing agency agreement requires depreciation for computing net profits to be determined by reference to the British India Income-tax Act as it stood on the agreement date, applied for the whole period of the agreement; the Court gives effect to the qualifying phrase "in force at the date hereof" and to "for the whole period of this agreement" and applies the principle that an instrument adopting a statute ordinarily adopts it as it exists at the instrument date. The Tribunal's factual finding that the commission was a bona fide payment was accepted, and the result was affirmed in favour of the assessee. en-us Thu, 14 Nov 1968 00:00:00 +0530 Mon, 02 Mar 2009 13:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7568 Clause 2(b) of the managing agency agreement requires depreciation for computing net profits to be determined by reference to the British India Income-tax Act as it stood on the agreement date, applied for the whole period of the agreement; the Court gives effect to the qualifying phrase "in force at the date hereof" and to "for the whole period of this agreement" and applies the principle that an instrument adopting a statute ordinarily adopts it as it exists at the instrument date. The Tribunal's factual finding that the commission was a bona fide payment was accepted, and the result was affirmed in favour of the assessee. Case-Laws Income Tax Thu, 14 Nov 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7568