AGK AGK AGK 1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX REFERENCE NO.762 OF 1998 The Commissioner of Income-tax, Bombay City - VI, Bombay .. Applicant. V/s. Press Metal Corpn. Ltd. C/o.M/s.Habib & Co. Bombay .. Respondent. Mr.A.S. Rao i/b. Mr.Pankaj Kapoor for the petitioner. CORAM : V.C. DAGA & CORAM : V.C. DAGA & CORAM : V.C. DAGA & J.P. DEVADHAR, JJ. J.P. DEVADHAR, JJ. J.P. DEVADHAR, JJ. DATED : 5TH APRIL, 2005. DATED : 5TH APRIL, 2005. DATED : 5TH APRIL, 2005. P.C. : 1. Heard the learned counsel for the applicant. The Tribunal has referred the question for the opinion of this Court reading as under :- Whether in the facts and in the circumstances of the case, the Tribunal was right in law in holding that in computing the disallowance of salary and perquisites paid to the employee directors, the provisions of section 40(c) and not those of section 40A(5) are applicable ? 2. The above question has already been answered by the Division Bench of this Court in the case of CIT V/s. Hico Products Pvt.Ltd. (No.1) [(1993) 201 CIT V/s. Hico Products Pvt.Ltd. (No.1) [(1993) 201 CIT V/s. Hico Products Pvt.Ltd. (No.1) [(1993) 201 I.T.R. 567 (Bom)] I.T.R. 567 (Bom)] I.T.R. 567 (Bom)] in favour of the assessee and against the revenue. In this view of the matter, question stands answered in affirmative for the reasons stated in the case of Hico Products (P) Ltd. Reference, accordingly stands disposed of with no order as to costs. AGK AGK AGK 2 *********