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2011 (7) TMI 82 - HC - Income Tax
Disallowance - Remuneration paid to Director - As per the judgment of Bombay High Court in the case of CIT Vs. Shatrunjay Diamonds (2003 -TMI - 11920 - BOMBAY High Court), the question in favour of the assessee and in the negative holding that the Tribunal was not correct in law in upholding disallowance or Rs. 13.20 lacs out of remuneration paid to Mr. Sushil Pandit(director) by invoking the provisions of Section 40A(2) of the Act - Decided in favour of assessee.