1998 (4) TMI 20 - HC - Income Tax

Summary

The High Court of Madras ruled that commission paid to the managing director should be considered as part of remuneration for tax purposes. The court also determined that the managing director can be considered an employee, and the provisions of sections 40A(5) and 40(c) of the Income-tax Act apply. Both questions of law were answered in favor of the Revenue, with costs awarded.