Charitable registration turns on predominant purpose and genuine activities, while incidental fees and related-party rent require supporting adverse m...
MAT book-profit adjustments exclude disallowances for exempt-income expenditure and demerger expenditure unless expressly listed under the statutory c...
Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
Preventive suspension requires an immediate continuing threat and cannot become indefinite without inquiry, fresh evidence, or proportionate safeguard...
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TDS on interest arising from Motor Accidents Claim - Validity of the order of the Motor Accidents Claims Tribunal issuing directions to refund by the Insurance Company of amounts deducted as TDS and already credited to the Income Tax Department - The High Court held that, there can be no spread over of the interest income in the years in which it accrued after death of the person, which resulted in the compensation being awarded. HC observed that, Section 194A(3)(ix) speaks of such exemption from deduction of tax, from the interest income, when the aggregate amount of such income credited or paid during the financial year exceeds Rs. 50,000/-. Hence, the income has to be found to have accrued only on the date of payment or credit. - While noting the subsequent amendment coming into force from 01.06.2015, no TDS can be deducted even on the interest component, the order of Tribunal reversed.
TDS on interest arising from Motor Accidents Claim - Validity of the order of the Motor Accidents Claims Tribunal issuing directions to refund by the Insurance Company of amounts deducted as TDS and already credited to the Income Tax Department - The High Court held that, there can be no spread over of the interest income in the years in which it accrued after death of the person, which resulted in the compensation being awarded. HC observed that, Section 194A(3)(ix) speaks of such exemption from deduction of tax, from the interest income, when the aggregate amount of such income credited or paid during the financial year exceeds Rs. 50,000/-. Hence, the income has to be found to have accrued only on the date of payment or credit. - While noting the subsequent amendment coming into force from 01.06.2015, no TDS can be deducted even on the interest component, the order of Tribunal reversed.
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