https://www.taxtmi.com/caselaws?id=277198 A payment made to secure a director's continuance in office was held to be a profit arising from that office and taxable under Schedule E. The charging words covered salaries, fees, wages, perquisites and profits from an office, and the deed, letter and board resolution showed a bargain for continued service in an advisory capacity rather than a mere payment for refraining from resignation. Its lump-sum form did not change its character as remuneration referable to the directorship, so the assessment was restored and the taxpayer obtained no relief. en-us Tue, 12 Mar 1940 00:00:00 +0530 Wed, 28 Nov 2018 16:37:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277198 A payment made to secure a director's continuance in office was held to be a profit arising from that office and taxable under Schedule E. The charging words covered salaries, fees, wages, perquisites and profits from an office, and the deed, letter and board resolution showed a bargain for continued service in an advisory capacity rather than a mere payment for refraining from resignation. Its lump-sum form did not change its character as remuneration referable to the directorship, so the assessment was restored and the taxpayer obtained no relief. Case-Laws Income Tax Tue, 12 Mar 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277198