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2015 (12) TMI 635 - THE AUTHORITY FOR ADVANCE RULINGS NEW DELHI

2015 (12) TMI 635 - THE AUTHORITY FOR ADVANCE RULINGS NEW DELHI - [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 .....

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Department very fairly stated and, correctly in our opinion, conceded 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, Hy .....

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ous authorities, a complaint was filed by the US Securities and Exchange 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 .....

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ssed its final judgment/decree against the applicant on 6 April 2011, 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 tha .....

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