1983 (9) TMI 2 - HC - Income Tax

Summary

The High Court of Karnataka ruled on two questions referred by the Income-tax Appellate Tribunal:
1. Disallowance under section 40A(5) of Rs. 12,000 and Rs. 14,492 of remuneration paid to managing director and director was not right.
2. Interest paid under sections 217(1A) and 220(2) was not allowable as a deduction.