https://www.taxtmi.com/caselaws?id=36898 The High Court held that the withdrawn salary amounts by the managing director of a company were taxable income, despite a later resolution asking him to forgo remuneration until profits were made. The Court emphasized that once income is received, even if surrendered later, it remains taxable. The individual's consistent withdrawals, use for personal expenses, and disclosure in tax returns indicated ownership of the income. The Court noted the company's tacit approval of the withdrawals, ruling in favor of the revenue that the salary amounts had accrued to the individual and were taxable. en-us Tue, 18 Dec 1979 00:00:00 +0530 Thu, 25 Mar 2010 12:26:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36898 The High Court held that the withdrawn salary amounts by the managing director of a company were taxable income, despite a later resolution asking him to forgo remuneration until profits were made. The Court emphasized that once income is received, even if surrendered later, it remains taxable. The individual's consistent withdrawals, use for personal expenses, and disclosure in tax returns indicated ownership of the income. The Court noted the company's tacit approval of the withdrawals, ruling in favor of the revenue that the salary amounts had accrued to the individual and were taxable. Case-Laws Income Tax Tue, 18 Dec 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36898