https://www.taxtmi.com/caselaws?id=285367 Rule 5 of Schedule I to the Excess Profits Tax Act, 1940 was unavailable where an assessee, having exercised the statutory option under the proviso to section 6, had no standard period at all; the special exception depends on the close of a standard period and cannot operate without one. For rule 5 of Schedule II, the expression "profits or losses" was construed as statutory profits under the Act, not book or actual profits. The deeming rule as to even accrual and corresponding increase in capital was held to be rebuttable by proof that actual disbursements prevented any such increase. en-us Thu, 24 Mar 1949 00:00:00 +0530 Thu, 09 Jan 2020 10:23:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285367 Rule 5 of Schedule I to the Excess Profits Tax Act, 1940 was unavailable where an assessee, having exercised the statutory option under the proviso to section 6, had no standard period at all; the special exception depends on the close of a standard period and cannot operate without one. For rule 5 of Schedule II, the expression "profits or losses" was construed as statutory profits under the Act, not book or actual profits. The deeming rule as to even accrual and corresponding increase in capital was held to be rebuttable by proof that actual disbursements prevented any such increase. Case-Laws Indian Laws Thu, 24 Mar 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285367