https://www.taxtmi.com/caselaws?id=276362 Directors' remuneration was not exempt under Notification No. 878-F dated 21.03.1922, as amended, because the exemption applied only where the sum had been paid out of profits and had not been allowed as a deduction after a deduction was in fact claimed and disallowed in assessment. The High Court treated the words "not been allowed as a deduction" as requiring an actual claim and rejection of the deduction, not a mere omission to claim it. As the company never sought deduction of the remuneration, the statutory condition was not met, and the referred question was answered in the negative. en-us Mon, 05 Feb 1962 00:00:00 +0530 Thu, 08 Nov 2018 11:14:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276362 Directors' remuneration was not exempt under Notification No. 878-F dated 21.03.1922, as amended, because the exemption applied only where the sum had been paid out of profits and had not been allowed as a deduction after a deduction was in fact claimed and disallowed in assessment. The High Court treated the words "not been allowed as a deduction" as requiring an actual claim and rejection of the deduction, not a mere omission to claim it. As the company never sought deduction of the remuneration, the statutory condition was not met, and the referred question was answered in the negative. Case-Laws Income Tax Mon, 05 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276362