https://www.taxtmi.com/caselaws?id=277157 Where a managing agency agreement and revised article 83 fixed commission by reference to "net profits," that term was construed according to the instrument's own language, and excess profits tax was held not deductible before computing the commission base. The decision also held that section 87C of the Indian Companies Act, 1913 did not apply to a managing agency appointment made before that provision commenced. On both issues, the reference was answered in favour of the assessee, confirming the commission calculation and excluding the later statutory restriction from the pre-amendment arrangement. en-us Tue, 30 Dec 1952 00:00:00 +0530 Tue, 27 Nov 2018 14:13:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277157 Where a managing agency agreement and revised article 83 fixed commission by reference to "net profits," that term was construed according to the instrument's own language, and excess profits tax was held not deductible before computing the commission base. The decision also held that section 87C of the Indian Companies Act, 1913 did not apply to a managing agency appointment made before that provision commenced. On both issues, the reference was answered in favour of the assessee, confirming the commission calculation and excluding the later statutory restriction from the pre-amendment arrangement. Case-Laws Income Tax Tue, 30 Dec 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277157