Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
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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