Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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Tax deducted from sale proceeds of immovable property sold by a bank under SARFAESI was held referable to Section 194IA. The High Court reasoned that, in such an auction, the bank is not the owner of the secured asset but only holds possession and a security interest for recovery of dues, acting as a trustee or custodian of the sale proceeds and applying them towards dues, expenses and any surplus to the borrower. Because the property was not the bank's own asset, credit or refund of the tax deducted could not be denied merely because the bank had not offered corresponding income from sale. The orders granting TDS credit were affirmed and the appeal was dismissed.
Tax deducted from sale proceeds of immovable property sold by a bank under SARFAESI was held referable to Section 194IA. The High Court reasoned that, in such an auction, the bank is not the owner of the secured asset but only holds possession and a security interest for recovery of dues, acting as a trustee or custodian of the sale proceeds and applying them towards dues, expenses and any surplus to the borrower. Because the property was not the bank's own asset, credit or refund of the tax deducted could not be denied merely because the bank had not offered corresponding income from sale. The orders granting TDS credit were affirmed and the appeal was dismissed.
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