https://www.taxtmi.com/caselaws?id=15572 The court upheld the reopening of assessment under section 147(b) of the Income-tax Act, 1961, based on discrepancies related to the managing director's salary and depreciation, citing the audit report as a valid cause of action. Additionally, the application of section 40(c) to the managing director's remuneration, including bonus payments from previous years, was affirmed, emphasizing that liability arises post government approval. Consequently, all legal issues in Tax Case No. 709 of 1982 were decided against the assessee, with no costs awarded. en-us Wed, 10 Sep 1997 00:00:00 +0530 Wed, 26 Aug 2009 10:59:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15572 The court upheld the reopening of assessment under section 147(b) of the Income-tax Act, 1961, based on discrepancies related to the managing director's salary and depreciation, citing the audit report as a valid cause of action. Additionally, the application of section 40(c) to the managing director's remuneration, including bonus payments from previous years, was affirmed, emphasizing that liability arises post government approval. Consequently, all legal issues in Tax Case No. 709 of 1982 were decided against the assessee, with no costs awarded. Case-Laws Income Tax Wed, 10 Sep 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15572