https://www.taxtmi.com/caselaws?id=49322 The High Court held that the time of accrual and payment of managing agency commission did not affect whether the income represented real profits for income-tax assessment. It emphasized the distinction between accounting profits and assessable profits, stating that the former should be calculated based on commercial principles. The court ruled that managing agency commission not due in the accounting period should not automatically be considered accounting profits, especially if the terms of the agreement specified otherwise. The cases were remanded back to the High Court for further consideration in light of the judgment. en-us Wed, 24 Mar 1965 00:00:00 +0530 Wed, 20 Aug 2014 18:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49322 The High Court held that the time of accrual and payment of managing agency commission did not affect whether the income represented real profits for income-tax assessment. It emphasized the distinction between accounting profits and assessable profits, stating that the former should be calculated based on commercial principles. The court ruled that managing agency commission not due in the accounting period should not automatically be considered accounting profits, especially if the terms of the agreement specified otherwise. The cases were remanded back to the High Court for further consideration in light of the judgment. Case-Laws Income Tax Wed, 24 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49322