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2014 (9) TMI 48 - HC - Income TaxTDS deducted by insurance company on interest on compensation received whereas TDS was already deducted on lump sum amount – Held that:- In Smt. Hansaguri Prafulchandra Ladhani And Others Versus The Oriental Insurance Company [2006 (10) TMI 383 - GUJARAT HIGH COURT] it has been held that the income tax liability of the claimants to pay tax on the interest accrued on the compensation awarded to them shall arise if such interest income accrued in the concerned financial year together with other income of the respective claimants in that financial year exceeds the chargeable limit as specified in the provisions of the Income tax Act, 1961 in force for the relevant years - The insurance company has already deducted the tax on the entire interest amount as one lump sum amount – the SLP is relegated to the petitioner to submit appropriate application before the insurance company and point out the decision of the Division Bench of the Court.
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