https://www.taxtmi.com/caselaws?id=49545 Contractual construction of a managerial commission tied to "net profits" requires treating excess profits tax as part of divisible profits, so the 12.5% commission is computed after deducting that tax. Separately, Rule 12 determinations of whether emergency commissions and bonuses are reasonable and necessary business expenses fall within the primary factual remit of the excess profits tax authorities (subject to tribunal review); the authorities' finding that the payments were excessive was supported by material and rightly sustained, and the High Court erred in reappreciating evidence and substituting its view. en-us Thu, 08 Dec 1960 00:00:00 +0530 Sun, 31 Aug 2014 19:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49545 Contractual construction of a managerial commission tied to "net profits" requires treating excess profits tax as part of divisible profits, so the 12.5% commission is computed after deducting that tax. Separately, Rule 12 determinations of whether emergency commissions and bonuses are reasonable and necessary business expenses fall within the primary factual remit of the excess profits tax authorities (subject to tribunal review); the authorities' finding that the payments were excessive was supported by material and rightly sustained, and the High Court erred in reappreciating evidence and substituting its view. Case-Laws Income Tax Thu, 08 Dec 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49545