https://www.taxtmi.com/caselaws?id=422963 The Tribunal reversed the decisions of the AO and CIT(A), allowing the appeal by the assessee. It found no evidence that the directors' remuneration was excessive or unreasonable under Section 40A(2)(b) of the Income Tax Act and the Companies Act, despite the revenue authorities' claims. The Tribunal noted that the directors had paid taxes at the maximum rate on the remuneration and that the AO failed to justify the disallowance of the remuneration amounting to Rs.58,19,376. Consequently, the Tribunal ruled in favor of the assessee, dismissing the disallowance of the directors' remuneration. en-us Wed, 18 May 2022 00:00:00 +0530 Fri, 17 Nov 2023 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422963 The Tribunal reversed the decisions of the AO and CIT(A), allowing the appeal by the assessee. It found no evidence that the directors' remuneration was excessive or unreasonable under Section 40A(2)(b) of the Income Tax Act and the Companies Act, despite the revenue authorities' claims. The Tribunal noted that the directors had paid taxes at the maximum rate on the remuneration and that the AO failed to justify the disallowance of the remuneration amounting to Rs.58,19,376. Consequently, the Tribunal ruled in favor of the assessee, dismissing the disallowance of the directors' remuneration. Case-Laws Income Tax Wed, 18 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422963