Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (3) TMI 1538 - AT - Income TaxApplication u/s 158A - special provision for avoiding repetitive appeals - interest income received from the insurance company on MACT claim - Procedure when assessee claims identical question of law is pending before High Court or Supreme Court - Taxability of interest on compensation awarded by the Motor Accident Claims - as per assessee payment of interest received by the assessee cannot be taxed pending finalization of the dispute regarding accident insurance compensation on which the said interest was granted - claim not accepted by the AO for the reason that the said interest income has already been credited in favour of the assessee and TDS has been deducted therefrom - HELD THAT:- The question relating to taxability of interest on compensation awarded by the Motor Accident Claims Tribunal is identical to the question of law framed for adjudication before the Hon’ble Supreme Court in assessee’s own case. Therefore, we admit the claim of the assessee in terms of section 158A(3) of the Act. Given that the matter is currently pending adjudication before the Hon’ble Supreme Court, the Assessing officer is directed to apply the directions of the Hon’ble Supreme Court as soon as the same is pronounced in the present case. The matter is accordingly set-aside to the file of the AO with the above directions. - Appeal of the assessee is allowed for statistical purposes.
|