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1962 (4) TMI 4 - SUPREME COURTWhether in computing the profits of a business carried on by a company deduction shall be made in respect of any remuneration to any managing agent where such remuneration is included in the profits of the managing agent's business for the purposes of the war profits tax ? Held that:- It is unnecessary for our present purpose to consider whether besides section 5(1)(b), already referred to, there are other contingencies in which remuneration received by a director could be held not to be " included " in the latter's profits under the Ordinance, since in the case before us it is admitted that the remuneration received by the managing agent was liable to be included in the computation of his profits for the purposes of the war profits tax and, therefore, neither the fact that the managing agent did not " include " the sum in his return, nor the default of the assessing authority to correct this error by " including " the sum in his assessment, is any reason for depriving the respondent company of the benefit of proviso (b) to rule 4(1). Appeal dismissed.
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