https://www.taxtmi.com/caselaws?id=119965 Director's remuneration and perquisites were disallowed under section 40C because the Managing Director's benefits arose from his office in the assessee-corporation and the assessee failed to show they were outside the statutory embargo. Guarantee fees collected from borrowers were taxable as business receipts when retained and used in business rather than kept in a separate earmarked account for remittance or refund, with deduction allowed only on actual payment or refund. Computer subsidy issue was remanded for fresh adjudication for lack of adequate material on its character. Annual maintenance charges were not part of computer cost for section 32AB, while contributions to Udyog Mitra, MCED and Mitcon were allowable under section 37(1) because they had a direct business nexus and satisfied commercial expediency. en-us Fri, 08 Sep 2006 00:00:00 +0530 Sat, 14 Jul 2012 13:22:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119965 Director's remuneration and perquisites were disallowed under section 40C because the Managing Director's benefits arose from his office in the assessee-corporation and the assessee failed to show they were outside the statutory embargo. Guarantee fees collected from borrowers were taxable as business receipts when retained and used in business rather than kept in a separate earmarked account for remittance or refund, with deduction allowed only on actual payment or refund. Computer subsidy issue was remanded for fresh adjudication for lack of adequate material on its character. Annual maintenance charges were not part of computer cost for section 32AB, while contributions to Udyog Mitra, MCED and Mitcon were allowable under section 37(1) because they had a direct business nexus and satisfied commercial expediency. Case-Laws Income Tax Fri, 08 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119965