1977 (8) TMI 52 - HC - Income Tax

Summary

The High Court of Orissa ruled that the remuneration due to the assessee as managing director of M/s. Orient Engineering Works Private Ltd. for the years 1968-69, 1969-70, and 1970-71 was not taxable income. The court found that the board's resolution not to pay remuneration due to continuous company losses supported the assessee's position. The court directed that the assessee shall have his costs, and the consolidated bearing fee was assessed at rupees one hundred and fifty. Judge K. B. Panda agreed with the judgment.