https://www.taxtmi.com/caselaws?id=68952 The Appellate Tribunal ITAT MADRAS-A upheld the disallowance of expenditure under sections 40(c)/40A(5) related to a managing director's remuneration. The Tribunal determined that the term 'remuneration' in section 40(c) encompasses salary, commission, and perquisites provided to the managing director. It differentiated between payments to partners in a firm and expenses incurred by a company, emphasizing that remuneration for a managing director is distinct. The Tribunal aligned with a previous Bombay Special Bench decision, concluding that all payments by a company to an employee-director constitute 'remuneration' under section 40(c). The appeal was dismissed, affirming the disallowance of the expenditure. en-us Wed, 30 Sep 1981 00:00:00 +0530 Mon, 04 Apr 2011 11:54:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68952 The Appellate Tribunal ITAT MADRAS-A upheld the disallowance of expenditure under sections 40(c)/40A(5) related to a managing director's remuneration. The Tribunal determined that the term 'remuneration' in section 40(c) encompasses salary, commission, and perquisites provided to the managing director. It differentiated between payments to partners in a firm and expenses incurred by a company, emphasizing that remuneration for a managing director is distinct. The Tribunal aligned with a previous Bombay Special Bench decision, concluding that all payments by a company to an employee-director constitute 'remuneration' under section 40(c). The appeal was dismissed, affirming the disallowance of the expenditure. Case-Laws Income Tax Wed, 30 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68952