Case Law Details
Case Name : New India Assurance Company Limited Vs Ravinder Kumar @ Vickey and others (Punjab and Haryana High Court)
Appeal Number : CR-527-2019 (O&M)
Date of Judgement/Order : 06/08/2022
Related Assessment Year :
Courts :
All High Courts Punjab and Haryana HC
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New India Assurance Company Limited Vs Ravinder Kumar @ Vickey and others (Punjab and Haryana High Court)
Held that insurance company is not required to deduct TDS on interest on compensation till 01.06.2015. However, after 01.06.2015, TDS is deductible if interest exceeds Rs. 50,000 per claimant per financial year.
Facts-
The common question involved in all the revision petitions arising out of the different orders passed by the Motor Accidents Claims Tribunal, is “Can the directions be issued to Judgment Debtor-Insurance Company to deduct TDS at source on the amount of interest paid on the compensation under the Income Tax Act, 1961 read with Motor Vehicles Act, 1988.”
Conclusion-
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