https://www.taxtmi.com/caselaws?id=23811 The court dismissed the petition challenging the Company Law Board's approval of an employee's remuneration under section 40A(2), leading to the deletion of a disallowance of Rs. 1,20,014. The court upheld the Tribunal's decision that the Board's approval indicated reasonable remuneration based on qualifications and experience, rendering section 40A(2) inapplicable. The Tribunal emphasized the Board's authority to set remuneration under the Companies Act, finding no grounds for challenge without evidence of misrepresentation or lack of disclosure. The court affirmed the Tribunal's factual findings, concluding there was no legal issue to address. en-us Tue, 01 Aug 1989 00:00:00 +0530 Thu, 14 Jan 2010 13:49:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23811 The court dismissed the petition challenging the Company Law Board's approval of an employee's remuneration under section 40A(2), leading to the deletion of a disallowance of Rs. 1,20,014. The court upheld the Tribunal's decision that the Board's approval indicated reasonable remuneration based on qualifications and experience, rendering section 40A(2) inapplicable. The Tribunal emphasized the Board's authority to set remuneration under the Companies Act, finding no grounds for challenge without evidence of misrepresentation or lack of disclosure. The court affirmed the Tribunal's factual findings, concluding there was no legal issue to address. Case-Laws Income Tax Tue, 01 Aug 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23811