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ITAT ruled against revenue, finding that remuneration paid to the managing director was within permissible limits under Companies Act provisions as per Circular No.07/2015. The Tribunal noted no proceedings were initiated by MCA against the assessee for statutory violations, nor were adverse observations made by statutory auditors. The CIT(A)'s order was upheld, confirming that Explanation 1 to Section 37(1) was not attracted and the assessee was entitled to claim deduction for managerial remuneration under Section 37(1). ITAT also rejected the AO's invocation of Section 40A(2)(b), finding no evidence that the remuneration was excessive or unreasonable.
ITAT ruled against revenue, finding that remuneration paid to the managing director was within permissible limits under Companies Act provisions as per Circular No.07/2015. The Tribunal noted no proceedings were initiated by MCA against the assessee for statutory violations, nor were adverse observations made by statutory auditors. The CIT(A)'s order was upheld, confirming that Explanation 1 to Section 37(1) was not attracted and the assessee was entitled to claim deduction for managerial remuneration under Section 37(1). ITAT also rejected the AO's invocation of Section 40A(2)(b), finding no evidence that the remuneration was excessive or unreasonable.
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