9911796707
TMI Blog1998 (4) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... at the instance of the assessee relating to its assessment year 1976-77 are : "1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in holding that the payment of commission to the managing director was remuneration for the purpose of section 40(c) of the Income-tax Act, 1961, and consequently excess over Rs. 72,000 per annum was liable to be disal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssioner of Income-tax (Appeals) held that the commission paid to the director cannot be regarded as part of the remuneration and the entire commission should be allowed as a deduction. On further appeal by the Department, before the Income-tax Appellate Tribunal, the Tribunal took the view that the commission should be taken into account for the purpose of determining the ceiling under section 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the affirmative and against the assessee. In so far as the second question of law is concerned, the issue raised in the question is whether the managing director can be regarded as an employee of the assessee-company or not. The Tribunal found that the managing director was an employee and the assessee had not placed any material to show that the managing director cannot be regarded as an em ..... X X X X Extracts X X X X X X X X Extracts X X X X
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