Mere ‘Managing Director’ designation not establishes Employment Relationship

Jayaram Rangan Vs ACIT (ITAT Chennai) Income Tax Appellate Tribunal (ITAT) Chennai, in the case of Jayaram Rangan vs. ACIT, examined whether consultancy fees received by the assessee, who was designated as a Managing Director, should be classified as professional income or salary. The case arose from the assessment order for the year 2013-14, where the Assessing Officer (AO) treated the consultancy fees as salary income, denying deductions for expenses and depreciation. The Commissioner of Income Tax (Appeals) [CIT(A)] upheld this view, leading the assessee to appeal before ITAT Chennai. The p...