https://www.taxtmi.com/caselaws?id=32258 The High Court ruled against the assessee in the deductibility of compensation and fees issue, upholding the Income-tax Appellate Tribunal's decision. On the surtax liability deduction, the Court sided with the revenue, affirming the Tribunal's ruling. However, in the expenditure disallowance matter, the Court favored the assessee, allowing the disallowance under Section 40(c). Concerning disallowances for retired employees under Section 40A(5), the Court ruled against the revenue, limiting the disallowance until the retirement date. Lastly, the Court found in favor of the assessee regarding terminal allowance eligibility under Section 32(1)(iii) due to specific government stipulations on asset transfer. en-us Tue, 20 Jan 2009 00:00:00 +0530 Sat, 17 Oct 2009 12:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32258 The High Court ruled against the assessee in the deductibility of compensation and fees issue, upholding the Income-tax Appellate Tribunal's decision. On the surtax liability deduction, the Court sided with the revenue, affirming the Tribunal's ruling. However, in the expenditure disallowance matter, the Court favored the assessee, allowing the disallowance under Section 40(c). Concerning disallowances for retired employees under Section 40A(5), the Court ruled against the revenue, limiting the disallowance until the retirement date. Lastly, the Court found in favor of the assessee regarding terminal allowance eligibility under Section 32(1)(iii) due to specific government stipulations on asset transfer. Case-Laws Income Tax Tue, 20 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32258