https://www.taxtmi.com/caselaws?id=15421 Section 40(c) imposes a statutory ceiling on remuneration and perquisites paid to a managing director; its application does not require a separate finding that the expenditure was excessive or unreasonable in light of business needs. Commission paid to the managing director forms part of remuneration when computing that ceiling. Surtax payable under the Companies (Profits) Surtax Act, 1964 is not deductible in computing business income. These principles resulted in all questions being resolved in favour of the Revenue, with no relief to the assessee. en-us Mon, 03 Aug 1998 00:00:00 +0530 Thu, 06 Aug 2009 14:00:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15421 Section 40(c) imposes a statutory ceiling on remuneration and perquisites paid to a managing director; its application does not require a separate finding that the expenditure was excessive or unreasonable in light of business needs. Commission paid to the managing director forms part of remuneration when computing that ceiling. Surtax payable under the Companies (Profits) Surtax Act, 1964 is not deductible in computing business income. These principles resulted in all questions being resolved in favour of the Revenue, with no relief to the assessee. Case-Laws Income Tax Mon, 03 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15421