https://www.taxtmi.com/caselaws?id=49314 Expenditure paid to a director for work connected with a special Government contract was allowable as business expenditure because allowability depended on whether it was laid out wholly and exclusively for the business on the facts; the director's special services, the bona fides of the arrangement, and the absence of proof of duplication or excess meant the disallowance failed. Compensation received on premature termination of a managing agency agreement was treated as a capital receipt because cancellation of the agency was shown to affect the profit-making structure and not merely ordinary trading operations, and the Revenue did not prove that it was income. Both issues were decided for the assessee. en-us Fri, 09 Apr 1965 00:00:00 +0530 Mon, 07 Dec 2015 14:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49314 Expenditure paid to a director for work connected with a special Government contract was allowable as business expenditure because allowability depended on whether it was laid out wholly and exclusively for the business on the facts; the director's special services, the bona fides of the arrangement, and the absence of proof of duplication or excess meant the disallowance failed. Compensation received on premature termination of a managing agency agreement was treated as a capital receipt because cancellation of the agency was shown to affect the profit-making structure and not merely ordinary trading operations, and the Revenue did not prove that it was income. Both issues were decided for the assessee. Case-Laws Income Tax Fri, 09 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49314