https://www.taxtmi.com/caselaws?id=96579 The judgment in this case focused on the validity of granting rewards for long and faithful service by a trading company. It emphasized that such grants must be reasonably incidental to the company's business and done in good faith for the company's benefit. The lack of evidence regarding the transaction's attributes and the failure to obtain proper authorization from shareholders for granting the annuity led to the dismissal of the applicant's summons with costs. The judgment highlighted the importance of following proper procedures and obtaining necessary authorizations for transactions involving the company's assets. en-us Tue, 16 Feb 1932 00:00:00 +0530 Mon, 09 Jan 2012 15:28:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96579 The judgment in this case focused on the validity of granting rewards for long and faithful service by a trading company. It emphasized that such grants must be reasonably incidental to the company's business and done in good faith for the company's benefit. The lack of evidence regarding the transaction's attributes and the failure to obtain proper authorization from shareholders for granting the annuity led to the dismissal of the applicant's summons with costs. The judgment highlighted the importance of following proper procedures and obtaining necessary authorizations for transactions involving the company's assets. Case-Laws Companies Law Tue, 16 Feb 1932 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96579