COMMISSIONER OF INCOME-TAX, MADRAS vs RAMAN & RAMAN LTD. — 1971 PTD 723

Citation: 1971 PTD 723

Court: Madras High Court

Year: 1971

Decision Date: 1971-02-05

Parties: COMMISSIONER OF INCOME-TAX, MADRAS vs RAMAN & RAMAN LTD.

Headnotes

Case cited as 1971 PTD 723

Judgment Text

Court Name: Madras High Court Judge(s): K. Veeraswa mi, Ramaprasada Rao Title: COMMISSIONER OF INCOME-TAX, MADRAS vs RAMAN & RAMAN LTD. Case No.: Case No. 123 of 1964 Date of Judgment:1971-02-05 Reported As: 1971 PTD 723 Result: order allow JUDGMENT JUDGMENT VEERASWAMI, J.----This reference under section 66(2) of the Indian Income-tax Act, 1922, relates to the assessm ent years 1949-50 to 1953-54. A portion of the remuneration paid to the managing director and a director having been disallowed for the years, the assessee eventually came up to this Court on a reference at his instance in which certain directions were given, with the result the Tribunal went into the question over again and held that the assessee was entitled to allowance of the entire remuneration paid to the directors in each of the years. The propriety of this view is the subject-matter of the first question under reference which is: "Whether, on the facts and in the circumstances of the case, the Tribunal's order allowing the remuneration of the managing director and director in full for the assessment years 1949-50 to 1953-54 as a proper claim under section 10(2)(xv) of the income-tax Act is based on any material?" There is also another question which raises the admissibility of an allowance for the initial and extra depreciation under section 10(2)(via) of the Income-tax Act. But this is confined to the year 1950-51. The question referred to us reads: "Whether, on the facts and in the circumstances of…

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