AO Classifies Company as Public Under Companies Act, Section 4(7); Managerial Remuneration Deductible per Income Tax Act, Section 37(1.

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....Deduction u/s 37(1) AO invoked the provisions of section 4(7) of the Companies Act, 1956 and reached at the conclusion that the assessee company is to be treated as public company and the managerial remuneration paid in contravention to provisions of Companies Act, 1956 was an offence/prohibited in law - deduction allowed - AT....