https://www.taxtmi.com/caselaws?id=762914 ITAT Delhi held that remuneration received by a whole-time director with 13.8% shareholding should be assessed under "Salary" head rather than "Income from Other Sources." The tribunal recognized the director's dual capacity and employment relationship with the company. For AY 2010-11, conveyance allowance and HRA deductions were allowed, and bank deposit addition was deleted as it represented explained sale proceeds. For AY 2011-12, addition under other sources was deleted. However, business expenditure disallowance was remanded to AO due to insufficient evidence of genuineness and supporting documentation. en-us Thu, 28 Nov 2024 00:00:00 +0530 Tue, 10 Dec 2024 08:58:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762914 ITAT Delhi held that remuneration received by a whole-time director with 13.8% shareholding should be assessed under "Salary" head rather than "Income from Other Sources." The tribunal recognized the director's dual capacity and employment relationship with the company. For AY 2010-11, conveyance allowance and HRA deductions were allowed, and bank deposit addition was deleted as it represented explained sale proceeds. For AY 2011-12, addition under other sources was deleted. However, business expenditure disallowance was remanded to AO due to insufficient evidence of genuineness and supporting documentation. Case-Laws Income Tax Thu, 28 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762914