https://www.taxtmi.com/caselaws?id=15101 Commission payable to a managing director under an enforceable arrangement was treated as remuneration and, for that reason, fell within the ceiling under section 40(c) of the Income-tax Act, 1961. The managing director was also regarded as an employee of the company for section 40A(5), with no material produced to displace that finding. The commentary notes that the ceiling provisions in sections 40(c) and 40A(5) regulate the allowable limit on managerial payments, and both referred questions were answered against the assessee, sustaining the disallowance to the extent determined by the statutory cap. en-us Wed, 01 Apr 1998 00:00:00 +0530 Mon, 03 Aug 2009 10:55:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15101 Commission payable to a managing director under an enforceable arrangement was treated as remuneration and, for that reason, fell within the ceiling under section 40(c) of the Income-tax Act, 1961. The managing director was also regarded as an employee of the company for section 40A(5), with no material produced to displace that finding. The commentary notes that the ceiling provisions in sections 40(c) and 40A(5) regulate the allowable limit on managerial payments, and both referred questions were answered against the assessee, sustaining the disallowance to the extent determined by the statutory cap. Case-Laws Income Tax Wed, 01 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15101