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1966 (9) TMI 39 - SC - Income TaxWhether, on the facts and circumstances of the case, the salary paid or credited to a karta of the family for looking after the family's business was a permissible deduction under section 10(2)(xv) in computing the income of the family business? Held that:- If a remuneration is paid to the karta of the family under a valid agreement which is bona fide and in the interest of, and expedient for, the business of the family and the payment is genuine and not excessive, such remuneration must be held to be an expenditure laid out wholly and exclusively for the purpose of the business of the family and must be allowed as an expenditure under section 10(2)(xv) of the Act.
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