https://www.taxtmi.com/caselaws?id=39714 Contractual remuneration linked to annual net profits remained deductible as business expenditure for the period of actual service rendered before the managing agency ceased by operation of law. The absence of final year-end quantification did not defeat the entitlement for services already performed, and the assessing authority could not substitute a minimum-remuneration basis on an assumed absence of profits once profits were found to have been earned. The appropriate computation was on the contractual percentage of net profits, apportioned pro rata to the period of service, and the disallowance on a full-restriction basis was unsustainable. en-us Mon, 29 Jul 1974 00:00:00 +0530 Mon, 19 Apr 2010 17:57:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39714 Contractual remuneration linked to annual net profits remained deductible as business expenditure for the period of actual service rendered before the managing agency ceased by operation of law. The absence of final year-end quantification did not defeat the entitlement for services already performed, and the assessing authority could not substitute a minimum-remuneration basis on an assumed absence of profits once profits were found to have been earned. The appropriate computation was on the contractual percentage of net profits, apportioned pro rata to the period of service, and the disallowance on a full-restriction basis was unsustainable. Case-Laws Income Tax Mon, 29 Jul 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39714