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Income Tax : The Karnataka High Court accepted a mediation settlement in a prolonged land acquisition dispute after parties agreed on compensat...
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Income Tax : Karnataka High Court directed that compensation paid under a mediated land acquisition settlement must be released without deducti...
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The Karnataka High Court accepted a mediation settlement in a prolonged land acquisition dispute after parties agreed on compensation, interest, and payment timelines. The Court held that the settlement would replace earlier awards and decrees under Section 89 CPC.
The Karnataka High Court set aside a service tax order after observing that the authority failed to properly examine exemption claims under Notification No.25/2012-ST. The matter was remanded for fresh consideration from the stage of reply to the show cause notice.
The Court ruled that claimants could initiate execution proceedings and continue receiving interest if the agreed compensation was not disbursed within the stipulated period under the mediation agreement.
Karnataka High Court directed that compensation paid under a mediated land acquisition settlement must be released without deduction of TDS. The ruling relied on an earlier High Court decision concerning compulsory acquisition compensation.
The Income-tax Department is increasingly relying on AI-based verification and automated reconciliation systems to detect discrepancies in ITR filings. Mismatches between AIS, Form 26AS, bank records, and ITR disclosures may lead to scrutiny or notices.
The Tribunal ruled that a flat 15% profit estimation was excessive where all contract receipts were received through banking channels with TDS deductions. It directed recomputation of income at 7% of turnover.
High Court reiterated that compensation awarded for compulsory land acquisition is not liable to deduction of tax at source under Income Tax Act. Payments under mediation settlement were directed to be released without TDS deduction.
Bombay High Court upheld deletion of disallowance under Section 40(a)(ia) where there was only short deduction of TDS and the recipients had already paid taxes. The Court also reiterated that the second proviso to Section 40(a)(ia) operates retrospectively from 01.04.2005.
The Tribunal ruled that the limitation period for appeal commenced only when the assessee first received the ITBA screenshot revealing the basis of the outstanding demand.
Bombay High Court held that short deduction of TDS under a different provision does not trigger disallowance under Section 40(a)(ia). Court ruled that only cases of non-deduction or non-payment of TDS attract provision.
