Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
Advance-ruling mechanism governs pending GST classification, exemption and taxability disputes, limiting writ review once the specialised forum functi...
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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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