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TMI Blog2005 (8) TMI 87X X X X Extracts X X X X X X X X Extracts X X X X ..... the Central Government?" - sanction was kept pending since there was a challenge to the guidelines framed by the Central Government under the provisions of the Companies Act - It is no doubt true that on the date when the Tribunal decided the appeal filed by the assessee, the view taken by it was a justified view, however, in view of the subsequent event, the view held by the Tribunal cannot be s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the amount to be spread over 7 years from the issue to redemption of the debentures? (2) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in upholding the disallowance of Rs. 1,46,027 being the remuneration paid to the director during the year without the sanction of the Central Government?" Learned counsel appearing for the applicant-assessee submits th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re issued. In that view of the matter, the learned Additional Solicitor General appearing for the Union of India, made a statement before the Supreme Court that in the case of Mahindra and Mahindra all applications pending for grant of approval would be deemed to have been approved; in which the quantum of remuneration paid or payable did not exceed the 1969 guidelines. The hon'ble Supreme Court r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to be answered in favour of the assessee. It is no doubt true that on the date when the Tribunal decided the appeal filed by the assessee, the view taken by it was a justified view, however, in view of the subsequent event, the view held by the Tribunal cannot be said to be good. In this scenario, the said question referred is answered in the negative, i.e., in favour of the assessee and against ..... X X X X Extracts X X X X X X X X Extracts X X X X
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