Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (5) TMI 236 - BOMBAY HIGH COURT

2015 (5) TMI 236 - BOMBAY HIGH COURT - [2015] 374 ITR 450 (Bom) - Disallowance made u/s.40(c) - remuneration paid to two directors of the company - ITAT allowed claim - Held that:- disallowance made by the ITO under section 40(c) of the Act was not justified. The amounts paid to the two individuals were not paid in their capacity as members of the Board of Directors but these amounts were paid as professional charges for directing and producing a film. The revenue is, therefore, not justified in .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

facture of an article or goods within the meaning of section 104 (40(a) as it then stood, it follows that the said activities must be treated as that of an industrial undertaking within the purview of Section 80J of the Act.Accordingly, the activities of production of a film amounted to manufacturing of an article or goods. The activities be treated as those of an industrial undertaking within the purview of Section 80J of the Act. Even otherwise, this Court was of the view that film production .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ons under Section 256(1) of the Income Tax Act, 1961 ('the Act) for the opinion of this Court :- (i) Whether on the facts and in the circumstances of the case, the Tribunal was right in law in deleting the disallowance made u/s.40(c) of the I.T. Act, by the I.T.O. Out of the remuneration of ₹ 3,00,000/- and ₹ 1,50,000/- paid to two directors of the company viz. Shri Hrishikesh Mukherjee and Shri N.C. Sippy ? (ii) Whether on the facts and in the circumstances of the case, the Trib .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

39;the ITO') applied the provisions of Section 40(3) of the Act which was in force at the relevant time and disallowed the payment in excess of ₹ 72,000/- in respect of the payments made to each of these persons. The Commissioner of Income Tax (Appeals) upheld the order of the ITO. In second appeal the Appellate Tribunal relying on its earleir decision on the issue deleted the addition made by the ITO. 4. The assessee had claimed to be industrial undertaking undertaking and sought dedu .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ncome Tax V/s. D.K. Kondke [1991 Mh.L.J. 572] we proposed to deal with the second question first. By this judgment, this Court hs decided Income Tax Reference No.195 of 1977 on 12th March, 1991. This Court observed that if the production of a cinematograph film amounts to manufacture of an article or goods within the meaning of section 104 (40(a) as it then stood, it follows that the said activities must be treated as that of an industrial undertaking within the purview of Section 80J of the Act .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version