https://www.taxtmi.com/caselaws?id=6621 Remuneration received by joint managing directors with wide powers of general management, control, appointment, dismissal, contracting, borrowing and delegation was treated as income from business, not salary, because their office was managerial in character and they acted as agents rather than servants. Reassessment under section 34(1)(a) was also held invalid because the assessees had disclosed the primary material facts, including the articles of association and commission arrangement, and the Income-tax Officer already knew and considered those facts in the original assessments. The proceedings were therefore without jurisdiction, and the references were decided for the assessees. 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 wide powers of general management, control, appointment, dismissal, contracting, borrowing and delegation was treated as income from business, not salary, because their office was managerial in character and they acted as agents rather than servants. Reassessment under section 34(1)(a) was also held invalid because the assessees had disclosed the primary material facts, including the articles of association and commission arrangement, and the Income-tax Officer already knew and considered those facts in the original assessments. The proceedings were therefore without jurisdiction, and the references were decided for the assessees. Case-Laws Income Tax Wed, 04 Aug 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6621