https://www.taxtmi.com/caselaws?id=35615 The court upheld the disallowance of remuneration exceeding Rs. 72,000 paid to a managing director by the assessee company for the assessment years 1973-74 and 1974-75. It was determined that the limit under section 40(c)(i) of the Income-tax Act, 1961 applied irrespective of the reasonableness of the remuneration, resulting in the overall cap being enforced. The court ruled in favor of the revenue, affirming the Tribunal's interpretation that the limit of Rs. 72,000 was absolute, leading to each party bearing their own costs in the matter. en-us Mon, 01 Jun 1981 00:00:00 +0530 Mon, 15 Mar 2010 15:54:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35615 The court upheld the disallowance of remuneration exceeding Rs. 72,000 paid to a managing director by the assessee company for the assessment years 1973-74 and 1974-75. It was determined that the limit under section 40(c)(i) of the Income-tax Act, 1961 applied irrespective of the reasonableness of the remuneration, resulting in the overall cap being enforced. The court ruled in favor of the revenue, affirming the Tribunal's interpretation that the limit of Rs. 72,000 was absolute, leading to each party bearing their own costs in the matter. Case-Laws Income Tax Mon, 01 Jun 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35615