TaxTMI 
TaxTMI 
2024 (5) TMI 1026
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.... the learned Single Judge in CS(OS) No. 497/2018, to the extent of finding given by the Court on the issue of limitation. 2. Learned senior counsel for the Appellant states that in the present appeal the Appellant challenges the findings of the learned Single Judge set out in paragraphs 29 to 38, which deal with the issue of limitation. He states that the learned Single Judge has erred in deciding the issue of limitation finally at this stage of grant of leave to defend whereas, the issue of limitation in the present case is an issue of fact and law. He prays for a limited relief in the present appeal that the issue of limitation be left open and be decided at the final stage i.e., post-trial of the suit filed by the Respondent. 3. He sta....
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....id payments of interest pertain. 7. We have heard the learned counsel for the parties and perused the record. 8. The facts to the extent relevant for deciding the limited issue raised in the present appeal are set out hereunder. 9. The underlying suit was instituted by the Respondent under Order XXXVII of CPC seeking recovery of Rs. 11,79,83,525 along with pendente lite and future interest till the realization of the amount in full from the Appellant. The suit has been filed on the basis of Deed of Cancellation dated 20th April, 2013, whereunder, the Appellant undertook to refund the amount of Rs. 12 crores with interest at 24% per annum to the Respondent. It is stated in the plaint that as per the terms of the Deed of Cancellation, the ....
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....the Appellant that the suit is barred by limitation and held as under: WHETHER THE SUIT IS BARRED BY LIMITATION "29. The learned senior counsel for the defendant has asserted that as the case of the plaintiff itself is that the last payment made against the Deed of Cancellation was received by the plaintiff from the defendant on 27.03.2015, the present Suit having been filed on 20.09.2018, is, therefore, barred by limitation. He has submitted that the mere fact of the deposit of TDS on 30.09.2015 by the defendant would not extend the period of limitation. 30. The above submission is disputed by the learned senior counsel for the plaintiff contending that the TDS deposited is to the account of the plaintiff and, therefore, would extend....
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....e person liable to pay such income, such crediting shall also be deemed to be a credit of such income to the account of the payee making such person liable to deduct TDS. 34. Section 198 of the Income Tax Act further provides that all sums deducted shall, for the purpose of computing the income of the assessee, be deemed to be income received by such assessee. 35. In Baranagore Jute Factory PLC. Mazadoor Sangh (BMS) (supra), the Supreme Court observed that the amount deposited as TDS also partakes the character of compensation that was payable by NHAI in the said case. 36. In the present case, as the deposit of TDS was made on 30.09.2015, in terms of Section 198 of the Income Tax Act, it would be deemed to be an income received by the....