https://www.taxtmi.com/caselaws?id=36954 Bona fide extra printing charges paid to a sister concern were treated as deductible business expenditure because the payment was actually made, commercially justified, and not shown to be a diversion of profits, even though no written agreement existed. A provision for gratuity, including liability for non-working journalists, was also treated as deductible where it represented an ascertained accrued liability valued on a legal or scientific basis and was not barred by a specific statutory prohibition. The governing principle was that commercially or actuarially determined liabilities may be deducted in computing true business profits if they are properly established and within the statutory scheme. en-us Tue, 27 Feb 1979 00:00:00 +0530 Thu, 25 Mar 2010 15:48:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36954 Bona fide extra printing charges paid to a sister concern were treated as deductible business expenditure because the payment was actually made, commercially justified, and not shown to be a diversion of profits, even though no written agreement existed. A provision for gratuity, including liability for non-working journalists, was also treated as deductible where it represented an ascertained accrued liability valued on a legal or scientific basis and was not barred by a specific statutory prohibition. The governing principle was that commercially or actuarially determined liabilities may be deducted in computing true business profits if they are properly established and within the statutory scheme. Case-Laws Income Tax Tue, 27 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36954