https://www.taxtmi.com/caselaws?id=20815 The court upheld the disallowance of excessive remuneration paid to whole-time directors under section 40(c), ruling any amount exceeding Rs. 72,000 annually as outright disallowable. It classified exchange rate fluctuation loss on a dollar loan as capital expenditure, denied depreciation on assets previously fully deducted under section 35, classified expenditure for additional share capital issuance as capital, taxed insurance compensation for destroyed assets as capital gains, and denied weighted deduction for certain export-related expenses under section 35B. The court certified the taxability of insurance compensation for appeal to the Supreme Court. en-us Mon, 02 Sep 1991 00:00:00 +0530 Tue, 17 Feb 2015 14:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20815 The court upheld the disallowance of excessive remuneration paid to whole-time directors under section 40(c), ruling any amount exceeding Rs. 72,000 annually as outright disallowable. It classified exchange rate fluctuation loss on a dollar loan as capital expenditure, denied depreciation on assets previously fully deducted under section 35, classified expenditure for additional share capital issuance as capital, taxed insurance compensation for destroyed assets as capital gains, and denied weighted deduction for certain export-related expenses under section 35B. The court certified the taxability of insurance compensation for appeal to the Supreme Court. Case-Laws Income Tax Mon, 02 Sep 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20815