TMI Blog2024 (1) TMI 1079X X X X Extracts X X X X X X X X Extracts X X X X ..... Singh Gaharwar (Owner) - Income Tax - 2024 (1) TMI 1079 - MADHYA PRADESH HIGH COURT - TMI - MADHYA PRADESH HIGH COURT - HC - Dated:- 2-1-2024 - Misc. Civil Case No. 366 of 2023 - - - Income Tax - The Motor Accident Claims Case (MCC) - Computation of income of the deceased for passing award - computation of future prospects - Tribunal while passing award had taken income of the deceased adding 15 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unal has note that first sum of Rs. 2,50,000/- is exempted from payment of Income Tax and thereafter, further sum of Rs. 2,50,000/- is taxable @ 5% i.e. Rs. 12,500/- and on the remaining amount Income Tax would be payable @ 20% therefore, total Income Tax liability comes out to Rs. 15,280/- 3% cess. making it Rs. 15,738.40/-. Net income on which dependency is to be calculated after deduction of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... terest @ 6% from the date of filing of the claim petition. - Hon'ble Shri Justice Vivek Agarwal For the Applicant : Shri Gulab Chand Sohane - Advocate For the Respondents : Shri Ram Saran Rathore - Advocate ORDER This MCC is filed by the Insurance Company on the ground that there is error apparent on the face of record in as much as learned Tribunal while passing award d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. Thus, out of Rs. 6,38,400/- deduction is to be of Rs. 50,000/- towards standard deduction. Another sum of Rs. 72,000/- will be deducted under Section 80(c) of the Income Tax Act on account of monthly contribution of Rs. 6000/- per month towards GPF and thereafter Professional Tax of Rs. 2500/- is to be deducted. Thus, total taxable income comes out to Rs. 5,13,900/-. Tribunal has note that firs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tune of Rs. 2,09,295/- under the head of pecuniary compensation which will be admissible in favour of the claimants and not Rs. 4,83,174/- awarded by this Court. Thus, there being a mistake of computation of future prospects twice, there will be reduction and actual enhancement will come out to only Rs. 2,09,295/- which will be admissible in favour of the claimants alongwith interest @ 6% from ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
