Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2005 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2005 (8) TMI 94 - HC - Income TaxSalary – assessable under section 15 or 56 – relationship of employer and employee - In common parlance the whole-time director may not be an employee but even then the character of the receipt or remuneration having come within the definition of salary under section 17(1)(iv) being a fee or remuneration in whatever name it is called and not being excluded by Explanation 2 to section 15, the remuneration received by the assessee cannot be treated to be anything other than income under the head "Salary". The income cannot be treated as income from other sources. - The facts disclose that the appointment is a contract of employment and not a contract for employment. Therefore, we are of the firm opinion, having regard to the materials placed before us, that the receipt comes under the head "Salary" – Held that income is assessable under section 15 of the Income-tax Act and not under section 56 – Held that there was a relationship of employer and employee between the company and the whole-time director
|