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2017 (2) TMI 1515 - HC - Income TaxPenalty u/s 271C - treated the appellant as defaulter u/s.194A/201(1) - HELD THAT:- Issue decided in favour of assessee as interest is awarded by the court for loss suffered on account of deprivation of property or paid for breach of contract by means of damages or were not paid in respect of any debt incurred or money borrowed, shall not attract the provisions of Section 2(28A) read with Section 194A(1). See SAHIB CHITS (DELHI) (PVT.) LTD. [2009 (7) TMI 75 - DELHI HIGH COURT], CHIRANJI LAL MULTANI MAL RAI BAHADUR PVT. LIMITED [1988 (12) TMI 62 - PUNJAB AND HARYANA HIGH COURT] Also in case of New India Assurance Co. Ltd [2016 (9) TMI 451 - GUJARAT HIGH COURT] 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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