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Professional receipt taxable as Income from Profession & not under Salary
Case Law Details
- Case Name
- Jayaram Rangan Vs ACIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Chennai
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Jayaram Rangan Vs ACIT (ITAT Chennai)
ITAT Chennai held that professional fees received cannot be taxed under the head Salary merely because consultant/ professional is appointed as managing director of the company. Various details filed undoubtedly proves that professional service is rendered and accordingly taxable under ‘income from profession’.
Facts- During the course of assessment proceedings, it was noticed that the assessee derives consultancy income from M/s. Fichtner Consulting Engineers (India) P.Ltd. and sitting fees from M/s. Consolidated Construction Consorti...
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