https://www.taxtmi.com/caselaws?id=464761 Section 10(5A) of the Income-tax Act, 1922 applied only to compensation or other payments received on termination or modification of a managing agency, managerial office, or similar agency relationship. The provision covered a managing agent, manager, person managing the whole or substantially the whole affairs of a company, or a person holding an agency in the taxable territories for business activities of another. A managing director who was only one of two directors was not the managing agent in his own right, and the managing agency vested in the company, not in the individual. As the assessee did not fall within any statutory category, the sums received on transfer of shares were not assessable under section 10(5A). en-us Thu, 01 Sep 1966 00:00:00 +0530 Thu, 13 Nov 2025 15:18:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464761 Section 10(5A) of the Income-tax Act, 1922 applied only to compensation or other payments received on termination or modification of a managing agency, managerial office, or similar agency relationship. The provision covered a managing agent, manager, person managing the whole or substantially the whole affairs of a company, or a person holding an agency in the taxable territories for business activities of another. A managing director who was only one of two directors was not the managing agent in his own right, and the managing agency vested in the company, not in the individual. As the assessee did not fall within any statutory category, the sums received on transfer of shares were not assessable under section 10(5A). Case-Laws Income Tax Thu, 01 Sep 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464761