https://www.taxtmi.com/caselaws?id=292534 Excess managerial remuneration refunded to align with limits under the Companies Act, 1956 was treated as a statutory compliance adjustment rather than voluntary salary income. The appellate findings noted that the company had suffered losses and that the amount paid above the permissible ceiling was returned because the payment exceeded the legal limits for managerial remuneration. On that basis, the refunded amount was not treated as salary income under Section 15 of the Income-tax Act, 1961 and was not taxable in the recipient's hands. en-us Thu, 21 Aug 2008 00:00:00 +0530 Wed, 30 Dec 2020 09:59:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292534 Excess managerial remuneration refunded to align with limits under the Companies Act, 1956 was treated as a statutory compliance adjustment rather than voluntary salary income. The appellate findings noted that the company had suffered losses and that the amount paid above the permissible ceiling was returned because the payment exceeded the legal limits for managerial remuneration. On that basis, the refunded amount was not treated as salary income under Section 15 of the Income-tax Act, 1961 and was not taxable in the recipient's hands. Case-Laws Income Tax Thu, 21 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292534