https://www.taxtmi.com/caselaws?id=70925 The Tribunal ruled in favor of the assessee, overturning the disallowance of Rs. 60,000 from the Director's remuneration under section 40A(2)(a). The Judicial and Third Members concluded that the Assessing Officer (AO) failed to provide sufficient evidence that the remuneration was excessive or unreasonable compared to the fair market value. The Board's resolution approving the remuneration increase was deemed valid, and the AO's lack of inquiry into the fair market value rendered the disallowance unjustified. The appeal was allowed, and the disallowance was set aside. en-us Mon, 27 Oct 2008 00:00:00 +0530 Tue, 14 Nov 2023 16:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70925 The Tribunal ruled in favor of the assessee, overturning the disallowance of Rs. 60,000 from the Director's remuneration under section 40A(2)(a). The Judicial and Third Members concluded that the Assessing Officer (AO) failed to provide sufficient evidence that the remuneration was excessive or unreasonable compared to the fair market value. The Board's resolution approving the remuneration increase was deemed valid, and the AO's lack of inquiry into the fair market value rendered the disallowance unjustified. The appeal was allowed, and the disallowance was set aside. Case-Laws Income Tax Mon, 27 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70925