https://www.taxtmi.com/caselaws?id=15421 The article explains that the statutory ceiling on managerial remuneration and perquisites under section 40(c) operates on the prescribed cap itself, without requiring a separate finding that the expenditure was excessive or unreasonable in light of business needs. It also states that commission paid to a managing director forms part of remuneration for computing that ceiling and cannot be excluded. On surtax, it notes that liability under the Companies (Profits) Surtax Act, 1964 is not deductible in computing business income, following binding Supreme Court authority. The stated result is that all questions were answered for the Revenue. 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 The article explains that the statutory ceiling on managerial remuneration and perquisites under section 40(c) operates on the prescribed cap itself, without requiring a separate finding that the expenditure was excessive or unreasonable in light of business needs. It also states that commission paid to a managing director forms part of remuneration for computing that ceiling and cannot be excluded. On surtax, it notes that liability under the Companies (Profits) Surtax Act, 1964 is not deductible in computing business income, following binding Supreme Court authority. The stated result is that all questions were answered for the Revenue. Case-Laws Income Tax Mon, 03 Aug 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15421