https://www.taxtmi.com/caselaws?id=36103 The High Court overturned the Tribunal's decision and ruled that the disallowance of Rs. 12,000 from the managing director's remuneration was not justified under sections 40(c) and 40A(5)(a) of the Income Tax Act, 1961. The Court clarified the application of the proviso to section 40A(5)(a), emphasizing the maximum deduction limit of Rs. 72,000 for such expenditures. The decision favored the assessee-company, concluding that the disallowance was unwarranted. en-us Tue, 01 Apr 1980 00:00:00 +0530 Fri, 19 Mar 2010 13:11:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36103 The High Court overturned the Tribunal's decision and ruled that the disallowance of Rs. 12,000 from the managing director's remuneration was not justified under sections 40(c) and 40A(5)(a) of the Income Tax Act, 1961. The Court clarified the application of the proviso to section 40A(5)(a), emphasizing the maximum deduction limit of Rs. 72,000 for such expenditures. The decision favored the assessee-company, concluding that the disallowance was unwarranted. Case-Laws Income Tax Tue, 01 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36103