https://www.taxtmi.com/caselaws?id=49728 Rule 5 of Schedule II to the Excess Profits Tax Act, 1940 creates presumptions of even profit accrual and corresponding changes in capital employed; the phrase "so far as the contrary is shown" qualifies both presumptions, allowing either to be rebutted by contrary facts. Managing agency commission that became payable but remained unwithdrawn constituted a debt under Rule 2, not borrowed money under Rule 2A, because a loan requires a positive lending arrangement and acceptance of the funds as borrowed money. Mere non-withdrawal and a contractual payment-timing clause did not convert the liability into a loan. en-us Fri, 16 Jan 1953 00:00:00 +0530 Fri, 12 Sep 2014 07:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49728 Rule 5 of Schedule II to the Excess Profits Tax Act, 1940 creates presumptions of even profit accrual and corresponding changes in capital employed; the phrase "so far as the contrary is shown" qualifies both presumptions, allowing either to be rebutted by contrary facts. Managing agency commission that became payable but remained unwithdrawn constituted a debt under Rule 2, not borrowed money under Rule 2A, because a loan requires a positive lending arrangement and acceptance of the funds as borrowed money. Mere non-withdrawal and a contractual payment-timing clause did not convert the liability into a loan. Case-Laws Income Tax Fri, 16 Jan 1953 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49728