TMI Blog1989 (8) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... eference of the following question of law to this court: "Whether the Income-tax Appellate Tribunal was correct in law and on facts in confirming the order of the Commissioner of Income-tax (Appeals) that as the remuneration of the employee, Shri Deepak Shriram, has been approved by the Company Law Board, the question of considering it under section 40A(2) could not again arise and that section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the Income-tax Appellate Tribunal. The Tribunal came to the conclusion that the provision Rs of section 40A(2) were not applicable in view of the decision of the Company Law Board who had approved the salary of the said employee. The petitioner then sought reference under section 256(1), but the said application was rejected. It is contended by Shri Jain that the question involved is und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , when approval is sought under the provisions of section 637AA of the Companies Act, 1956. The various factors which have to be taken into consideration while granting such approval are set out in the said section. One of the factors which has to be considered is the professional qualifications and experience of the individual in respect of whom the remuneration is being fixed. Therefore, the Com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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