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B. P. JEEVAN REDDY, R. A. SHARMA
Sardar Harpreet Singh – Appellant
Versus
Commissioner Of Income-Tax – Respondent
R.A. Sharma, J.
1. At the instance of the assessee, the Income-tax Appellate Tribunal, Delhi Bench "B", New Delhi, under Section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), has referred the following two questions to this court for its opinion ;
"1. Whether, on the facts and in the circumstances of the case, the learned Tribunal was legally correct in holding that the assessee was not entitled to standard deduction under Section 16(i) on the ground that the remuneration paid to the joint managing director was not salary ?
2. Whether, on the facts and in the circumstances of the case, the learned Tribunal was legally correct in holding that the deduction under Section 80U of the Act allowed by the Income-tax Officer was rightly withdrawn by the Appellate Assistant Commissioner of Income-tax ?"
2. The assessee, an individual by status, is a shareholder and also a director of a company, Hurana Motor and General Finance Private Limited (hereinafter referred to as "the company"). The company, by its resolution dated December 15, 1973, appointed the assessee as its joint managing director on a monthly remuneration of Rs. 700 which was increased subse
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