https://www.taxtmi.com/caselaws?id=7849 A service agreement that describes an individual as a full-time manager, restricts outside business activity, requires work under the employer's instructions, and provides a fixed allowance with additional earnings-linked remuneration is treated as a contract of service; the related receipt is salary income, not business income. For rectification relating to an assessment year governed by the repealed Income-tax Act, 1922, the proceeding must be traced to the saving provision under the earlier Act. A wrong statutory reference to section 154 of the Income-tax Act, 1961 does not by itself invalidate the notice or order if the power exercised corresponds to the rectification power under the 1922 Act and the substance of the notice is otherwise valid. en-us Fri, 05 Dec 1969 00:00:00 +0530 Sat, 21 Jan 2017 14:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7849 A service agreement that describes an individual as a full-time manager, restricts outside business activity, requires work under the employer's instructions, and provides a fixed allowance with additional earnings-linked remuneration is treated as a contract of service; the related receipt is salary income, not business income. For rectification relating to an assessment year governed by the repealed Income-tax Act, 1922, the proceeding must be traced to the saving provision under the earlier Act. A wrong statutory reference to section 154 of the Income-tax Act, 1961 does not by itself invalidate the notice or order if the power exercised corresponds to the rectification power under the 1922 Act and the substance of the notice is otherwise valid. Case-Laws Income Tax Fri, 05 Dec 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7849