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In Re Satyam Computer Services Ltd. Hyderabad

[2016] 380 ITR 189 - Tds on penalty amount - whether the Penalty Amount payable pursuant to the Final Judgment/Decree of the US Court and paid to the Government of USA/US Court would be liable to tax deduction at source under the provisions of the Income-tax Act, 1961? - Held that:- It is trite law that unless the payment made attracts the tax under the Income Tax Act, there would be no liability to deduct tax under Section 195 of the Income Tax Act. A penalty ordered by the US Court can never a .....

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ded that there would be no necessity of deducting tax from the penalty amount of 10 million US $. - A.A.R. Nos. 1066 of 2011 - Dated:- 1-12-2015 - Mr V.S. Sirpurkar, Mr. A.K. Tewary and Mr. R.S. Shukla, JJ. For The Applicant Mr. Rajan Vora, SRBC & Asso. CA Mr. Pravat Jena, SRBC & Assoc. CA Mr. Aditya Bajoria, CA For The Department Mr. G.C.Srivastava, Advocate Mr. Daksh S. Bhardwaj, Advocate Ch. Rajeswara Reddy, DCIT-IT, Hyderabad Sirpurkar J The Applicant, namely Satyam Computer Services .....

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change Commission ( SEC ) against the Company in the United States District Court For the District of Columbia ( the US Court ). 3. In the complaint, SEC prayed before the US Court for among other restraints imposing a civil monetary penalty pursuant to section 21(d) of the Securities Exchange Act of 1934 (the Exchange Act ) and alleged violations of Sections 10(b), 13(a), 13(b)(2)(a) and 13(b)(2)(b) of the Securities Exchange Act of 1934 and Exchange Act Rules of 10b-5, 12b-20, 13a-1 and 13a-16 .....

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11, stating It is further Ordered, Adjudged, and Decreed that Satyam is liable for a civil penalty in the amount of the $10 million pursuant to the provision of Section 21(d) of the Exchange Act. 6. The Court Order/Decree further states Satyam shall satisfy this obligation by paying the $10 million in civil money penalty within 14 days after the entry of this Final Judgment to the Clerk of this Court. 7. Further the Court held that the amount ordered to be paid as civil penalties pursuant to thi .....

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