https://www.taxtmi.com/caselaws?id=6621 Remuneration received by joint managing directors with continuing powers of management, control, staffing, contracting, borrowing and delegation is business income under section 10 of the Indian Income-tax Act, 1922, rather than salary under section 7, where their role is that of managing agents rather than servants. Reassessment under section 34(1)(a) requires failure to file a return or to disclose fully and truly all primary material facts. Where the Income-tax Officer already knew the articles, commission arrangement and prior assessment treatment, and the assessees suppressed no primary facts, reassessment proceedings lack jurisdiction. en-us Wed, 04 Aug 1965 00:00:00 +0530 Tue, 27 Jan 2009 16:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6621 Remuneration received by joint managing directors with continuing powers of management, control, staffing, contracting, borrowing and delegation is business income under section 10 of the Indian Income-tax Act, 1922, rather than salary under section 7, where their role is that of managing agents rather than servants. Reassessment under section 34(1)(a) requires failure to file a return or to disclose fully and truly all primary material facts. Where the Income-tax Officer already knew the articles, commission arrangement and prior assessment treatment, and the assessees suppressed no primary facts, reassessment proceedings lack jurisdiction. Case-Laws Income Tax Wed, 04 Aug 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6621