https://www.taxtmi.com/caselaws?id=49677 Commission payable under the managing agency agreement was deductible in full against the aggregate Indian business profits because section 10(2)(xv) requires the expense to be laid out wholly and exclusively for the business. Where an assessee carries on one business through several branches, profits and losses must be pooled, and deduction is not defeated by an erroneous branch-wise allocation in the accounts. The agreement showed that the commission was payable on the annual net profits of the entire business, not on branch-specific profits, so the whole amount was allowable as a business deduction. 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 Commission payable under the managing agency agreement was deductible in full against the aggregate Indian business profits because section 10(2)(xv) requires the expense to be laid out wholly and exclusively for the business. Where an assessee carries on one business through several branches, profits and losses must be pooled, and deduction is not defeated by an erroneous branch-wise allocation in the accounts. The agreement showed that the commission was payable on the annual net profits of the entire business, not on branch-specific profits, so the whole amount was allowable as a business deduction. Case-Laws Income Tax Fri, 02 Mar 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49677