Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
The HC allowed the petition and set aside the impugned execution order. The Court held that where interest exceeds Rs.50,000 in a financial year, TDS is mandatorily deductible; here the aggregate interest was Rs.3,90,700 and each claimant's share exceeded Rs.50,000, thus the petitioner's 20% TDS deduction was lawful. The executing court erred in directing refund of Rs.78,150 to the claimants. The impugned order of the ADJ is unsustainable and is vacated. The claimants remain at liberty to pursue any refund remedy before the Income Tax Department in accordance with statutory procedure.
The HC allowed the petition and set aside the impugned execution order. The Court held that where interest exceeds Rs.50,000 in a financial year, TDS is mandatorily deductible; here the aggregate interest was Rs.3,90,700 and each claimant's share exceeded Rs.50,000, thus the petitioner's 20% TDS deduction was lawful. The executing court erred in directing refund of Rs.78,150 to the claimants. The impugned order of the ADJ is unsustainable and is vacated. The claimants remain at liberty to pursue any refund remedy before the Income Tax Department in accordance with statutory procedure.
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