Remuneration to Chairman of Govt Company is Business Expense

DCIT  Vs Garhwal Mandal Vikas Nigam Ltd. (ITAT Delhi) It was observed that as per the Memorandum of Association/Article of Association the Chairman is appointed by the governor of Uttarakhand for such period and upon such terms and on such remuneration, if any, by way of salary or honorarium as the governor may think fit. Furthermore, it was seen that the primary duty of the Chairman relate to chairing of meeting of the Board of Directors i.e. scheduled to take place once in every three months, for approving all the major decisions taken by or proposed by the, management of the company. The a...