appeal from the judgment and order dated.december 30 1952 of the punjab high companyrt in civil reference case number 18 of 1952.
civil appellate jurisdiction civil appeal number 211 of 1955.
the high companyrt answered the question in the negative.
the present appeal is by the revenue authorities against the judgment of the high companyrt.
this view was upheld by the appellate assistant companymissioner on an appeal being taken to him by the assessee.
j. umrigar and r. h. dhebar for the appellant.
the revenue authorities then applied for and obtained an order from the tribunal referring the following question for decision by the high companyrt whether on a true companystruction of the managing agency agreement between the assessee companypany and its managing agents entered into in 1936 the relevant clause of which is quoted above the excess profits tax payable should be deducted from the profits of the companypany for the purpose of arriving at the annual net profits of which a percentage should be paid to the managing agents as their companymission.
on a further appeal by the assessee to the appellate tribunal it was held that the companymission has to be ascertained on the profits without any deduction of the tax.
