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2014 (4) TMI 1173 - HC - Income TaxInsurance Company deducting the income tax at source - Held that:- Coming to the facts of the instant case, it is not clear from the record as to how the Tax Deductible at Source was arrived at in a sum of ₹ 19,626/-. However, at this stage, it cannot be said that the insurance company is not entitled to deduct income tax at source on the interest amount without first ascertaining whether the interest amount payable to the claimant had exceeded the prescribed limit of ₹ 50,000/- or not. Therefore, as rightly urged by the learned counsel for the revision petitioner, this Court is of the well- considered view that this is a fit case to set aside the orders of the Tribunal and remit the matter to the Tribunal to decide afresh on the requirement, if any, and the correctness or otherwise of the amount deducted at source towards income tax and then dispose of the execution petition in accordance with the procedure established by law. Accordingly, the Civil Revision Petition is allowed and the impugned order is set aside and the matter is remitted to the Tribunal with a direction to decide the issue involved in the execution petition afresh keeping in view the legal position enunciated and thus dispose of the execution petition on merits and in accordance with the procedure established by law.
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