1992 (12) TMI 35 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of the assessee in a case involving the interpretation of section 40A(5)(a) of the Income-tax Act, 1961. The court held that the ceiling of Rs. 72,000 under the proviso to section 40A(5)(a) would apply to employee-directors, rather than the limit under clause (c). This decision was based on a previous judgment in a similar case.