https://www.taxtmi.com/caselaws?id=200356 Under Rule 12(1) of Schedule 1 of the Excess Profits Tax Act an expense is deductible only if it is both reasonable and necessary with reference to the business and services rendered; where excess profits tax must be apportioned first, commissions computed without provision for the Government's share of excess profits may be disallowed to the extent they exceed what would be reasonable and necessary after that provision. Assessments for successive years must be supported by their own facts and materials; prior determinations for different years do not operate as binding res judicata on separate-year assessments. en-us Sun, 22 Aug 1965 00:00:00 +0530 Mon, 26 Mar 2018 17:36:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200356 Under Rule 12(1) of Schedule 1 of the Excess Profits Tax Act an expense is deductible only if it is both reasonable and necessary with reference to the business and services rendered; where excess profits tax must be apportioned first, commissions computed without provision for the Government's share of excess profits may be disallowed to the extent they exceed what would be reasonable and necessary after that provision. Assessments for successive years must be supported by their own facts and materials; prior determinations for different years do not operate as binding res judicata on separate-year assessments. Case-Laws Indian Laws Sun, 22 Aug 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200356