https://www.taxtmi.com/caselaws?id=412691 The tribunal overruled the disallowance of remuneration paid to the Director, emphasizing the genuine nature of the business expense approved by the Board of Directors and Central Government. The disallowance was deemed incorrect as it lacked enduring benefit or capital expenditure characteristics. Grounds related to this issue were allowed. However, the tribunal did not provide detailed rulings on the interest calculation under section 234B of the Act or the initiation of penalty proceedings under section 271(l)(c) of the Act. en-us Thu, 23 Sep 2021 00:00:00 +0530 Fri, 24 Sep 2021 13:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412691 The tribunal overruled the disallowance of remuneration paid to the Director, emphasizing the genuine nature of the business expense approved by the Board of Directors and Central Government. The disallowance was deemed incorrect as it lacked enduring benefit or capital expenditure characteristics. Grounds related to this issue were allowed. However, the tribunal did not provide detailed rulings on the interest calculation under section 234B of the Act or the initiation of penalty proceedings under section 271(l)(c) of the Act. Case-Laws Income Tax Thu, 23 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412691