https://www.taxtmi.com/caselaws?id=277013 A composite agreement may be apportioned where its obligations have distinct legal incidents. The treasurer's duties were performed under the bank's control and direction, so the fixed monthly remuneration was characterised as salary from a contract of service. The guarantee commission agency, however, involved independent discretion in enquiring into borrowers, recommending advances, bearing default risk, and exposure to liability against security, so that part was treated as business income. A single instrument did not prevent bifurcation where substance showed separable service and agency functions. en-us Mon, 12 Apr 1954 00:00:00 +0530 Thu, 22 Nov 2018 10:22:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277013 A composite agreement may be apportioned where its obligations have distinct legal incidents. The treasurer's duties were performed under the bank's control and direction, so the fixed monthly remuneration was characterised as salary from a contract of service. The guarantee commission agency, however, involved independent discretion in enquiring into borrowers, recommending advances, bearing default risk, and exposure to liability against security, so that part was treated as business income. A single instrument did not prevent bifurcation where substance showed separable service and agency functions. Case-Laws Income Tax Mon, 12 Apr 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277013