TaxTMI 
TaxTMI 
2013 (7) TMI 1062
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....d E.P. in the lower Court for recovery of balance amount of ₹ 19,618/- from the insurance company which amount was said to have been not deposited in pursuance of the Award passed by the lower Tribunal. According to the revision petitioner, the said balance amount was remitted by the insurance company to the Income Tax Department in pursuance of Section 194A(3)(ix) of the Income Tax Act, 196....
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....ued for that financial year should exceed ₹ 50,000/- in order to apply Section 194A of the Act. It is further contended that interest awarded by the Motor Accidents Claims Tribunal is only 7.5% per annum and that if interest is calculated for each person separately for each year, then interest payable for each claimant in each financial year will not exceed ₹ 50,000/- and that therefor....
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....e income be spread over the period for which payment of interest came to be made. So that the income for the purpose of assessing tax for the relevant assessment year could be computed. The Court below has exceeded its jurisdiction in' directing the petitioner to deposit the TDS amount deducted from the compensation payable to the respondents-claimants." 3. Total amount of interest on th....
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..... No doubt, the revision petitioner company should not have deducted and remitted TDS on total interest amount of all J. Drs. (sic. D. Hrs.) put together, but should have divided interest relating to each of the D. Hrs. and should have remitted TDS only in respect of interest payable to that J. Dr. (sic. D. Hrs.) whose amount exceeded ₹ 50,000/-. It is stated that there is no provision under....