https://www.taxtmi.com/caselaws?id=277143 Where a contract requires profits to be computed according to ordinary commercial practice, excess profits tax is not deductible unless the agreement clearly says so. The majority treated the tax as a levy on profits already earned, not an expense incurred in earning them, and held that the contractual profits were to be ascertained before deducting that tax. The dissent considered the tax part of the ordinary commercial computation, but the prevailing interpretation gave effect to the contract's scheme and excluded the later-imposed war profits tax from the profit calculation used for instalments under the goodwill sale agreement. en-us Mon, 03 Apr 1944 00:00:00 +0630 Tue, 27 Nov 2018 10:34:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277143 Where a contract requires profits to be computed according to ordinary commercial practice, excess profits tax is not deductible unless the agreement clearly says so. The majority treated the tax as a levy on profits already earned, not an expense incurred in earning them, and held that the contractual profits were to be ascertained before deducting that tax. The dissent considered the tax part of the ordinary commercial computation, but the prevailing interpretation gave effect to the contract's scheme and excluded the later-imposed war profits tax from the profit calculation used for instalments under the goodwill sale agreement. Case-Laws Income Tax Mon, 03 Apr 1944 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=277143