https://www.taxtmi.com/caselaws?id=49571 The Supreme Court upheld the interpretation of the managing agency agreement, ruling that commission accrued at the end of the year. It rejected tax liability on voluntarily relinquished commission, emphasizing that modifications were effective from the start of the accounting year. The validity of the modification in the agreement was affirmed, allowing the deduction sought by the managing agents. The Court dismissed both appeals, providing clarity on commission accrual timing and the impact of agreement modifications on tax liabilities. en-us Fri, 19 Feb 1960 00:00:00 +0530 Wed, 25 Mar 2015 18:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49571 The Supreme Court upheld the interpretation of the managing agency agreement, ruling that commission accrued at the end of the year. It rejected tax liability on voluntarily relinquished commission, emphasizing that modifications were effective from the start of the accounting year. The validity of the modification in the agreement was affirmed, allowing the deduction sought by the managing agents. The Court dismissed both appeals, providing clarity on commission accrual timing and the impact of agreement modifications on tax liabilities. Case-Laws Income Tax Fri, 19 Feb 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49571