Morvi IndustrieLtd. vs Commissioner Of Income Tax
Whether managing agency commission and fixed office allowance, which had accrued but were relinquished before payment, were liable to be included in total income under the mercantile system of accounting --- Held Yes. Whether such relinquishment qualified as permissible business expenditure under Section 10(2)(xv) of the Indian Income Tax Act, 1922 --- Held No.
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