https://www.taxtmi.com/caselaws?id=7638 A deduction for managing agency remuneration was disallowed because the assessee-company had not actually incurred the expenditure during the relevant accounting year. The High Court held that business expenditure is deductible only where the liability has arisen and remained payable in that year; a later or earlier waiver does not create an allowable deduction if no subsisting obligation or payment existed during the period. On those facts, the commission was never paid during the year and had been waived by the managing agent, so the deduction claim failed. en-us Tue, 02 Sep 1969 00:00:00 +0530 Tue, 17 Mar 2009 08:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7638 A deduction for managing agency remuneration was disallowed because the assessee-company had not actually incurred the expenditure during the relevant accounting year. The High Court held that business expenditure is deductible only where the liability has arisen and remained payable in that year; a later or earlier waiver does not create an allowable deduction if no subsisting obligation or payment existed during the period. On those facts, the commission was never paid during the year and had been waived by the managing agent, so the deduction claim failed. Case-Laws Income Tax Tue, 02 Sep 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7638