https://www.taxtmi.com/caselaws?id=8942 Pre-amendment section 348 of the Companies Act, 1956 was construed as applying to the managing agent entity and not automatically to every partner of a managing agency firm; the 1960 deeming amendment was treated as prospective. On that construction, salary paid to a partner in his individual capacity as manager did not attract the statutory bar, and the expenditure was also described as business-related, reasonable, and wholly and exclusively incurred for the business, supporting deductibility under section 10(2)(xv) of the Indian Income-tax Act, 1922. In the stock-discrepancy matter, book entries aligned with textile return filings, while bank declarations were treated as inflated estimates for overdraft purposes, so the addition as undisclosed income was held unjustified. en-us Tue, 19 Dec 1972 00:00:00 +0530 Wed, 17 Jun 2009 15:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8942 Pre-amendment section 348 of the Companies Act, 1956 was construed as applying to the managing agent entity and not automatically to every partner of a managing agency firm; the 1960 deeming amendment was treated as prospective. On that construction, salary paid to a partner in his individual capacity as manager did not attract the statutory bar, and the expenditure was also described as business-related, reasonable, and wholly and exclusively incurred for the business, supporting deductibility under section 10(2)(xv) of the Indian Income-tax Act, 1922. In the stock-discrepancy matter, book entries aligned with textile return filings, while bank declarations were treated as inflated estimates for overdraft purposes, so the addition as undisclosed income was held unjustified. Case-Laws Income Tax Tue, 19 Dec 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8942