https://www.taxtmi.com/caselaws?id=49581 A managing agency arrangement that entrusted the assessee with the full conduct and management of the mills' affairs, subject only to general control, was treated as a business undertaking rather than a contract of service. The terms on tenure, remuneration, termination, delegation, and winding up supported the conclusion that the assessee was neither a servant nor a mere employee, but an agent carrying on managing agency business. The remuneration was therefore income from business and not salary, and its assessment as business income under the excess profits tax regime was upheld. en-us Mon, 18 Apr 1960 00:00:00 +0530 Wed, 16 Nov 2022 14:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49581 A managing agency arrangement that entrusted the assessee with the full conduct and management of the mills' affairs, subject only to general control, was treated as a business undertaking rather than a contract of service. The terms on tenure, remuneration, termination, delegation, and winding up supported the conclusion that the assessee was neither a servant nor a mere employee, but an agent carrying on managing agency business. The remuneration was therefore income from business and not salary, and its assessment as business income under the excess profits tax regime was upheld. Case-Laws Income Tax Mon, 18 Apr 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49581