https://www.taxtmi.com/caselaws?id=7637 Where the governing articles entitled managing agents to remuneration only for services actually rendered, no liability accrued for a period in which they rendered no service. The Rajasthan HC held that article 75 allowed 16% of net profits as remuneration for managing agents' services, and not otherwise. Because the agents, owing to mutual differences, did not manage the company during 13 September 1956 to 31 December 1956, the company was not legally bound to pay remuneration for that period. The issue was answered against the assessee and in favour of the Revenue. en-us Tue, 02 Sep 1969 00:00:00 +0530 Tue, 17 Mar 2009 08:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7637 Where the governing articles entitled managing agents to remuneration only for services actually rendered, no liability accrued for a period in which they rendered no service. The Rajasthan HC held that article 75 allowed 16% of net profits as remuneration for managing agents' services, and not otherwise. Because the agents, owing to mutual differences, did not manage the company during 13 September 1956 to 31 December 1956, the company was not legally bound to pay remuneration for that period. The issue was answered against the assessee and in favour of the Revenue. Case-Laws Income Tax Tue, 02 Sep 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7637