https://www.taxtmi.com/caselaws?id=37385 The High Court of Madras ruled against the assessee in a case concerning the assessment of salary income for the years 1965-66 and 1966-67. The managing director's unilateral waiver of remuneration did not alter the original terms set by the company's resolutions. The Court held that the managing director was liable for the full remuneration as per the initial agreement, emphasizing that income accrual triggers tax liability regardless of subsequent waivers. The decision highlighted the significance of formal agreements and adherence to original terms in determining taxable income under the Income Tax Act, 1961. en-us Wed, 22 Sep 1976 00:00:00 +0530 Mon, 29 Mar 2010 13:22:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37385 The High Court of Madras ruled against the assessee in a case concerning the assessment of salary income for the years 1965-66 and 1966-67. The managing director's unilateral waiver of remuneration did not alter the original terms set by the company's resolutions. The Court held that the managing director was liable for the full remuneration as per the initial agreement, emphasizing that income accrual triggers tax liability regardless of subsequent waivers. The decision highlighted the significance of formal agreements and adherence to original terms in determining taxable income under the Income Tax Act, 1961. Case-Laws Income Tax Wed, 22 Sep 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37385