Company’s Income Cannot Be Assessed Under ‘Salary’: ITAT

The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that since the assessee is a company, its income cannot be assessed under the heading "salary."The bench of K. Narasimha Chary (a judicial member) has restored the issue to the file of the Assessing Officer to verify the availability of brought-forward losses for the purpose of setting off the current year's income...