https://www.taxtmi.com/caselaws?id=49677 For a resident, ordinarily resident taxpayer carrying on one business through multiple branches, branch profits must be aggregated and expenses incurred wholly and exclusively for the business are deductible against the combined profits. The managing agency agreement fixed commission as a percentage of net annual profits of the whole concern, so an internal allocation debiting part of the commission to a foreign branch does not prevent deduction against Indian profits. Consequently the commission portion allocated to the Karachi branch is allowable as part of the managing agent commission deduction against the assessee's Indian profits. en-us Fri, 02 Mar 1956 00:00:00 +0530 Mon, 08 Sep 2014 12:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49677 For a resident, ordinarily resident taxpayer carrying on one business through multiple branches, branch profits must be aggregated and expenses incurred wholly and exclusively for the business are deductible against the combined profits. The managing agency agreement fixed commission as a percentage of net annual profits of the whole concern, so an internal allocation debiting part of the commission to a foreign branch does not prevent deduction against Indian profits. Consequently the commission portion allocated to the Karachi branch is allowable as part of the managing agent commission deduction against the assessee's Indian profits. Case-Laws Income Tax Fri, 02 Mar 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49677