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2017 (4) TMI 1586 - HC - Income TaxPenalty u/s 271C - appellant treated as defaulter u/s.194A/201(1) - HELD THAT:- The issue is squared covered by the decision of this Court in the case of Sr. Divisional Manager, National Insurance Co. Ltd., 61, Aerodrum Road, Alwar [2017 (2) TMI 1515 - RAJASTHAN HIGH COURT] for none of the years under consideration, the interest income exceeded ₹ 50,000/-. In fact, this Court in case of Smt. Hansagauri Prafulchandra Ladhani and ors vs. The Oriental Insurance Company Ltd [2006 (10) TMI 383 - GUJARAT HIGH COURT] provided for further splitting up of this ceiling of ₹ 50,000/- per claimant basis. Looked from any angle, the insurance company was not justified in deducting tax at source while depositing the compensation in favour of the claimants. It therefore, cannot avoid liability of depositing such amount with the Claims Tribunal. The Claims Tribunal had committed no error in insisting on the insurance company in making good the shortfall - Decided in favour of assessee.
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