TDS On MACT Awards: Supreme Court Asks Centre To Look Into Unclaimed Refunds Of Claimants Who Are Not IT Assessees

The Supreme Court on Thursday directed the Central Government to look into the issue of money deduced from motor accident compensation awards as Tax Deducted at Source (TDS) lying as unclaimed refunds with respect to claimants who may not come within the bracket of Income Tax assesses. A bench comprising Justice Sanjay Kishan Kaul and Justice MM Sundresh was hearing the case Bajaj Allianz...

Income Deduction For State Govt Undertakings - 'Exclusivity' Under S. 40(a)(iib) of Income Tax Act Not Based On Number Of Undertakings : Supreme Court

The Supreme Court has rejected the argument raised by the Kerala State Beverages Corporation that it is entitled to deduct the levies made by the state government on it from income. The Beverages Corporation's claim was on the premise that the license given to by the State Government to trade in liquor was not 'exclusive'. Section 40(a)(iib) of the Income Tax Act, which refers to charges paid...

ITAT Cannot Recall Its Order By Invoking Power U/Sec 254(2) Income Tax Act : Supreme Court

The Supreme Court observed that the Income Tax Appellate Tribunal cannot recall orders passed by it invoking power under Section 254(2) of the Income Tax Act.Section 254(2) power is only to correct and/or rectify the mistake apparent from the record and not beyond that, the bench comprising Justices MR Shah and BV Nagarathna said.In this case, the ITAT allowed the Revenue's appeal and held...