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

2015 (3) TMI 1194 - GUJARAT HIGH COURT

2015 (3) TMI 1194 - GUJARAT HIGH COURT - TMI - Disallowance of remuneration paid to four Directors - Held that:- Appeal admitted on following question of law:

Whether on the facts and in the circumstances of the case, the Tribunal was right in law and in overlooking the fact that the entire exercise was revenue neutral in nature because the company as well as its Directors were taxable at the same rate and that the Directors had paid off the taxes and taking into consideration it ough .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

earned Tribunal has partly allowed the said appeal preferred by the assessee confirming the disallowance of Directors remuneration of ₹ 47,90,178/- against the disallowance of Directors remuneration by the Assessing Officer of ₹ 99,80,414/-, the assessee has preferred the present Tax Appeal with the following proposed substantial questions of law; (i) Whether on the facts and in the circumstances of the case, the Tribunal was right in law as well as on facts in confirming the disallo .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

y the authorities? Considering paragraph 12 of the impugned judgment and order passed by the learned Tribunal by which accepting the submissions made on behalf of the assessee and the increase in the turnover to 3.6 times of the immediately preceeding year which comes to ₹ 32,40,000/-, it cannot be said that the learned Tribunal has committed any error. It is submitted that instead of increase in the turnover, the learned Tribunal ought to have considered the increase in the profit (page 2 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nd disallowed the balance of Directors remuneration of ₹ 47,90,178/-. Shri Manish Shah, learned Counsel appearing on behalf of the assessee has also relied upon the decision of this Court in the case of Commissioner of Income Tax III Vs. Ashok J. Patel reported in [2014] 43 Taxmann.com227 (Gujarat) in support of his case that when there is disallowance by the Assessing Officer under Section 40(a)(ia) of the Income Tax Act, the onus was upon the Assessing Officer. However, in the facts and .....

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