https://www.taxtmi.com/caselaws?id=15535 The Court held that the guarantee commission paid to the managing director was not considered remuneration under s. 40(c) of the IT Act, 1961. The Court also resolved the second issue in favor of the assessee based on a previous judgment, deciding that the disallowance for employee-directors should be calculated under s. 40A(5) of the IT Act, 1961. The reference was disposed of accordingly with no order as to costs. en-us Tue, 17 Aug 1999 00:00:00 +0530 Tue, 25 Aug 2009 17:43:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15535 The Court held that the guarantee commission paid to the managing director was not considered remuneration under s. 40(c) of the IT Act, 1961. The Court also resolved the second issue in favor of the assessee based on a previous judgment, deciding that the disallowance for employee-directors should be calculated under s. 40A(5) of the IT Act, 1961. The reference was disposed of accordingly with no order as to costs. Case-Laws Income Tax Tue, 17 Aug 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15535