Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

New India Assurance Co. Ltd. Versus Sudesh Chawla and others, Sunita Sharma and others, Rita Kunwar and others

TDS liability on compensation in view of the death or injury - insurance company has been called upon to pay the amounts of TDS deducted on the interest income which was deposited by the insurance company with the Income tax Department - Held that:- There is force in the contention raised on behalf of the petitioner that the claimants are liable to pay double the tax, one on receipt of compensation which would be added in the income and the other where TDS would be deducted by the insurance comp .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

or profit. Award of compensation is on the principle of restitution to place the claimant in the same position in which he would have been had the loss of life or injury has not been suffered. Therefore, the impugned orders calling upon the insurance company to pay the TDS/deduct TDS on the interest part, are not sustainable and are hereby set aside. - Decided against revenue - CR No. 430, 3801 and 1930 of 2015 (O&M) - Dated:- 30-11-2015 - Amit Rawal, J. For the Petitioner : Rahul Pathania, R. C .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

rt had appointed Mr. Pankaj Jain, senior advocate as amicus curiae to assist the court whether in cases where the claimants are given compensation in view of the death or injury, the TDS is liable to be deducted or not. 3. Mr. Pankaj Jain, learned senior counsel assisted by Mr. Sachin Bhardwaj, advocate, in support of his contentions relied upon the judgment dated October 15, 2014, passed in CWPIL No. 9 of 2014 titled as Court on its own motion v. H. P. State Co-operative Bank Ltd. and others, t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the parties and appraised the paper books. 5. Paragraphs 22 and 23 of the aforementioned judgment rendered by the Himachal Pradesh Shimla High Court read thus : "22. The apex court in another case titled CIT v. Ghanshyam (HUF) reported in [2009] 315 ITR 1 (SC), laid down a similar preposition. It is apt to reproduce paragraphs 24, 25 and 27 hereunder (page 14 of 315 ITR) : '24. To sum up, interest is different from compensation. However, interest paid on the excess amount under section .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ayment of interest under section 34. 25. It is clear from a reading of section 23(1A), 23(2) as also sec tion 28 of the 1894 Act that additional benefits are available on the market value of the acquired lands under section 23(1A) and 23(2) whereas section 28 is available in respect of the entire compensation. It was held by the Constitution Bench of the Supreme Court in Sunder v. Union of India [2001] 7 SCC 211, that "indeed the language of section 28 does not even remotely refer to market .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e date of taking possession only until it is paid or deposited. It is a mandatory provision. Basically section 34 provides for payment of interest for delayed payment. . . . 27. In the case of CIT v. Hindustan Housing and Land Development Ltd. [1986] 161 ITR 524 (SC) certain lands belonging to the assessee-company, which was in the business of dealing in land and which maintained its account on the mercantile system, were first requisitioned and then compulsorily acquired by the State Government .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

amount in the event of the said appeal being allowed. On receiving the amount, the assessee credited it in its suspense account on the same date. The question was : whether the additional amount of ₹ 7,24,914 could be taxed as the income on the ground that it became payable pursuant to the award of the arbitrator. The Tribunal held that the amount did not accrue to the assessee as its income and was, therefore, not taxable in the assessment year 1956-57. The financial year in which the add .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

g to this court, the extra amount of compensation of ₹ 7,24,914 was not income arising or accruing to the assessee during the previous year relevant to the assessment year 1956-57.' 23. Having said so, the Circular, dated October 14, 2011, issued by the Income-tax authorities, whereby deduction of Income-tax has been ordered on the award amount and interest accrued on the deposits made under the orders of the court in motor accidents claims cases, is quashed and in case any such deduct .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

Forum: Rent a cab operator

Highlight: In view of amendment made u/s 132A of the Income Tax Act, 1961 by Finance Act of 2017, the 'reason to believe' or 'reason to suspect', as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal, SC dismissed the appeal of the assessee

Highlight: Validity of Assessment Order - period of limitation u/s 153 (2A) is applicable even if the entire order was not set aside but matter was remanded back for for limited aspects with directions - HC

News: Note ban was a shake-up, achieved its main objectives

Notification: Amendments in the notification No.5/2017- Integrated Tax (Rate) dated the 28th June, 2017.

Highlight: Levying interest u/s 234C - interest is to be charged on the returned income and not on assessed income.

Highlight: Accrual of income - sale of right to develop and sell incentive FSI under LOI - till the conditions of LOI are fulfilled transfer is not complete and income does not accrue to the assessee

Highlight: TPA - determination of ALP - TP adjustment by applying Bright Line Test (BLT) is not sustainable on protective basis having no statutory mandate.

Highlight: Safeguard Duty - Advance License Scheme - as there is no exemption from safeguard duty leviable under Section 8C, which is imposed on the goods imported from China, the importer has to pay safeguard duty

Highlight: Manufacture - process of cutting of waste plastic container - Such plastic containers before and after cutting are nothing but waste / scrap - Not a manufacturing activity as no new product emerges.

News: NITI Aayog and Govt. of Assam organizes workshop on health sector reforms in Guwahati; launches SATH- Sustainable Action for Transforming Human Capital

Notification: Seeks to amend notification no. 5/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding restriction of refund on corduroy fabrics

Notification: Seeks to amend notification no. 2/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst exemptions

Forum: GSTR 3B Rectification

Notification: seeks to exempt Skimmed milk powder, or concentrated milk

Notification: Seeks to amend notification no. 2/2017- integrated tax(rate) dated 28.06.2017 to give effect to GST council decisions regarding GST exemptions.

Forum: 3B mistake

Notification: Seeks to amend notification no. 1/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates

Notification: Seeks to amend notification no. 1/2017- integrated tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates.

Forum: GST - TRAN1 - filed - Data uploaded with Remarks Processed with Error - Not coming in Electronic credit ledger - need suggession guidance

News: Notification Issued For GST Actionable Claim On Branded Food Products

Highlight: Classification printed computer stationary/manifold Business Forms - to be classified under Chapter Heading 4820.00 or under Chapter Heading 4901.90 - items like A4 sheets, advertisement and job card to be classified under Chapter 49

Forum: GST Invoice

Article: Websites of Government Departments need lot of improvement. We are noticing detoriations in them for example, case of website of ITAT.

Article: RCM Applicability to persons not liable to get registered us 23(1)

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

News: GST Refund - Blockage of Working Capital of Exporters - earlier also there was a normal blockage of funds for a period of 5-6 months at least

News: Clarification about Transition Credit - ₹ 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 - claim of credit of ₹ 65,000 crore is not unexpected

Article: 20 Things You must know about E Way Bills in GST Law

Article: MISTAKES IN DRAFTING

Forum: Duty Drawback- Urgent

Highlight: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg. - Circular

Highlight: The definition of "subsidiary company" or "subsidiary" u/s 2(87) of the Companies Act, 2013 shall come into force w.e.f. 20-9-2017

Highlight: Central Government notified the All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017 - Notification

Notification: All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017

Circular: Investment by Foreign Portfolio Investors in Corporate Debt Securities Review

Notification: Exemptions on supply of services under UTGST Act

Notification: Rates for supply of services under UTGST Act

Notification: Exemptions on supply of services under IGST Act

Notification: Rates for supply of services under IGST Act

Notification: List of Exempted supply of services under the CGST Act

Notification: Rates for supply of services under CGST Act

Highlight: Acceptance of deposits by companies from its members - conditions relaxed in case of Specified IFSC Public company and a private company - Rule 3 amended

Notification: Rate of exchange of conversion of the foreign currency with effect from 8th September, 2017

News: Tax Payers Advised To Confirm Identities Of Income Tax Search Authorities

Notification: Amendment in Appendix 3 (SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import Items 2012

Notification: The Customs and Central Excise Duties Drawback Rules, 2017

Circular: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg.

News: GST implementation smoother than expected: Jaitley

Forum: Due date of Filing TRAN-1



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version