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Showing contexts for: turnover decrease in Carmel Softech Private Limited, ... vs Ito Corporate Ward 1 (3), Chennai on 18 May, 2022Matching Fragments
5. On the other hand, the ld. Senior DR relied on the assessment order and that of the CIT(A) and argued that in earlier year when there was comparatively more profit than this year, no remunerations were paid to these three directors. Even the turnover was more than this year and this year there is decrease in turnover. According to him, the CIT(A) as well as the AO has rightly invoked the provisions of section 40A(2)(b) of the Act and also the provisions of Companies Act, whereby maximum remuneration payable to managerial personnel is restricted. In these lines, he requested the Bench to confirm the order of CIT(A).