https://www.taxtmi.com/caselaws?id=35855 The court determined that the managing directors were considered employees of the company under the company's articles of association, despite the absence of a formal service agreement. As a result, the provisions of Section 40A(5) of the Income-tax Act, 1961, applied to the remuneration paid to the managing directors, limiting the deduction claimed by the company. The court ruled against the assessee, holding that the company could only claim a deduction for the managing directors' remuneration within the specified ceiling limit under Section 40A(5). en-us Thu, 18 Dec 1980 00:00:00 +0530 Wed, 17 Mar 2010 12:06:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35855 The court determined that the managing directors were considered employees of the company under the company's articles of association, despite the absence of a formal service agreement. As a result, the provisions of Section 40A(5) of the Income-tax Act, 1961, applied to the remuneration paid to the managing directors, limiting the deduction claimed by the company. The court ruled against the assessee, holding that the company could only claim a deduction for the managing directors' remuneration within the specified ceiling limit under Section 40A(5). Case-Laws Income Tax Thu, 18 Dec 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35855