https://www.taxtmi.com/caselaws?id=8526 Full remuneration paid to the managing director and director was held allowable as business expenditure because the payment was genuine and laid out wholly and exclusively for business purposes; the revenue could not disallow it merely by substituting its own view of what was reasonable. Initial and extra depreciation was also held admissible for diesel engines and bodies fitted to old chassis, the issue being covered by binding precedent on the same statutory allowance. The reference was answered entirely in favour of the assessee. en-us Mon, 05 Feb 1968 00:00:00 +0530 Wed, 29 Apr 2009 18:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8526 Full remuneration paid to the managing director and director was held allowable as business expenditure because the payment was genuine and laid out wholly and exclusively for business purposes; the revenue could not disallow it merely by substituting its own view of what was reasonable. Initial and extra depreciation was also held admissible for diesel engines and bodies fitted to old chassis, the issue being covered by binding precedent on the same statutory allowance. The reference was answered entirely in favour of the assessee. Case-Laws Income Tax Mon, 05 Feb 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8526