https://www.taxtmi.com/caselaws?id=20783 The court held that the Income-tax Officer was justified in limiting the deductible expenditure to Rs. 1,20,000 as per the Company Law Board's order restricting remuneration. The Tribunal allowed the Department to raise new grounds questioning the applicability of section 40(c) and found in favor of the Revenue, confirming the deduction limit. The judgment affirmed that any remuneration paid contrary to restrictions cannot be allowed as a deduction, even if paid initially, and upheld the Income-tax Officer's decision. en-us Tue, 13 Oct 1992 00:00:00 +0530 Tue, 17 Nov 2009 11:55:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20783 The court held that the Income-tax Officer was justified in limiting the deductible expenditure to Rs. 1,20,000 as per the Company Law Board's order restricting remuneration. The Tribunal allowed the Department to raise new grounds questioning the applicability of section 40(c) and found in favor of the Revenue, confirming the deduction limit. The judgment affirmed that any remuneration paid contrary to restrictions cannot be allowed as a deduction, even if paid initially, and upheld the Income-tax Officer's decision. Case-Laws Income Tax Tue, 13 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20783