TaxTMI 
TaxTMI 
1930 (10) TMI 17
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....de against the receivers proceeded:] 2. By far the most important question that has been argued is, what is the amount of remuneration to which the receivers are entitled? The point really turns on the meaning of the expression "gross sales" in the Order of Court, dated 2nd June, 1925. Paragraph 13 of the Order reads thus: With regard to the condiments business the said receivers do retain 5 per cent. on the gross sales in their hands as and for their remuneration for the said condiment business. 3. It was by the consent and at the request of the parties that this order was made. It must be read in the light of the affidavit filed then by the receivers. In that affidavit, they ask for a commission at 5 per cent. on the "gr....
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...." mean produce, outcome, profit. (See the Concise Oxford Dictionary.) An amount never received cannot be part of the proceeds. Whether from the point of view of the buyers or the sellers, the only figure that matters, is the amount actually paid and received. As Messrs. Fraser & Ross point out: It is usual in business concerns to quote list or catalogue prices and allow percentages off such prices to trade customers as trade discounts. Such discounts are deducted in the invoices themselves and are. not brought into account in the financial books. 4. To seem to make a concession while in point of fact no concession is made or intended, is a devise which tradesmen usually employ. To take an instance, if you want to charge for an articl....
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....ean. The difference between the gross and the net sale proceeds is recognised in some of our enactments. For instance, in the Original Side Rules, Order 26, Rule 4 makes the commission depend on what may be described as "gross sale proceeds". It says that the receiver may take his commission at 5 per cent. on sales calculated on the total value realised by him. On the other hand, Order 18, Rule 6 provides that the Master may fix as the auctioneer's remuneration a percentage on the net sale proceeds. The same expression "net sale proceeds" occurs also in Order 34, Rule 6, also Rule 8-A, Civil Procedure Code. Let us take Order 34, Rule 6. Where after the sale of a mortgaged property, there is still a balance due to the....