https://www.taxtmi.com/highlights?id=83834 The Tribunal held that the remuneration received by the assessee, who was a whole-time director holding 13.8% shares in D-Art Furniture System Pvt. Ltd. and supervising sales, should be assessed under the head 'Salary' and not as 'Income from Other Sources'. The ITAT ruled that the company, being a juristic person governed by the Board of Directors, could be an employer while appointing the assessee as a whole-time director on a particular remuneration. The ITAT directed the Assessing Officer (AO) to allow deductions for conveyance allowance and HRA for the assessment year (AY) 2010-11. For AY 2011-12, the ITAT deleted the addition made under 'Income from Other Sources'. Regarding the bank deposit, the ITAT accepted the assessee's explanati..... en-us Tue, 10 Dec 2024 08:58:16 +0530 Tue, 10 Dec 2024 08:58:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=83834 The Tribunal held that the remuneration received by the assessee, who was a whole-time director holding 13.8% shares in D-Art Furniture System Pvt. Ltd. and supervising sales, should be assessed under the head 'Salary' and not as 'Income from Other Sources'. The ITAT ruled that the company, being a juristic person governed by the Board of Directors, could be an employer while appointing the assessee as a whole-time director on a particular remuneration. The ITAT directed the Assessing Officer (AO) to allow deductions for conveyance allowance and HRA for the assessment year (AY) 2010-11. For AY 2011-12, the ITAT deleted the addition made under 'Income from Other Sources'. Regarding the bank deposit, the ITAT accepted the assessee's explanati..... Highlights Income Tax Tue, 10 Dec 2024 08:58:16 +0530 https://www.taxtmi.com/highlights?id=83834