Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
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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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