https://www.taxtmi.com/caselaws?id=309499 The High Court held that compensation awarded under the Motor Vehicle Act is not taxable income and deemed the deduction of income tax on interest by the Insurance Company as illegal. The Court directed the Income Tax Officer to refund the TDS to the Insurance Company and instructed the Company to pay the balance compensation to the claimants along with any interest received from the Income Tax Department. Failure to comply would result in the Company being liable to pay interest at a rate of 9% per annum. Additionally, procedural aspects were addressed, including vacating the interim order and providing verification through the High Court website. en-us Wed, 01 Sep 2021 00:00:00 +0530 Wed, 06 Sep 2023 08:52:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309499 The High Court held that compensation awarded under the Motor Vehicle Act is not taxable income and deemed the deduction of income tax on interest by the Insurance Company as illegal. The Court directed the Income Tax Officer to refund the TDS to the Insurance Company and instructed the Company to pay the balance compensation to the claimants along with any interest received from the Income Tax Department. Failure to comply would result in the Company being liable to pay interest at a rate of 9% per annum. Additionally, procedural aspects were addressed, including vacating the interim order and providing verification through the High Court website. Case-Laws Income Tax Wed, 01 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309499