https://www.taxtmi.com/caselaws?id=39721 The court ruled in favor of the assessee, rejecting the Income-tax Officer's restriction of managing agents' remuneration to the minimum for the period served and allowing remuneration based on net profits for broken periods. The court emphasized that managing agents were entitled to pro rata remuneration based on net profits after the year-end and that the minimum remuneration clause applied only in the absence of profits. The presence of a new managing agency firm did not alter this principle, leading to the court awarding costs against the revenue. en-us Tue, 13 Aug 1974 00:00:00 +0530 Mon, 19 Apr 2010 18:10:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39721 The court ruled in favor of the assessee, rejecting the Income-tax Officer's restriction of managing agents' remuneration to the minimum for the period served and allowing remuneration based on net profits for broken periods. The court emphasized that managing agents were entitled to pro rata remuneration based on net profits after the year-end and that the minimum remuneration clause applied only in the absence of profits. The presence of a new managing agency firm did not alter this principle, leading to the court awarding costs against the revenue. Case-Laws Income Tax Tue, 13 Aug 1974 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39721