Salary to Vice President allowable u/s 37(1) as proved that business activity of company still subsists

ACIT Vs Ebony Retail Holdings Ltd. (ITAT Delhi) ITAT Delhi held that were sufficient evidence on record that the business activity of the company was still subsisting and the service of the Vice President are indispensable. Accordingly, salary paid to Vice President is allowable u/s. 37(1). Facts- The appellant company is engaged in the retail business. It was operating various retail show rooms across North India in the name ‘Aboni’. The assessee filed its return of income declaring a loss of Rs. 1,03,17,179/- and book profit of the loss at Rs. (-) 85,08,756/- u/s. 115JB of the Act calcul...