Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: ACCOUNTING STANDARD :: due date for vat payment :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: VAT Audit :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: TDS
 
 
General »
 Simplified one page Income Tax Return Form: Changes to keep in mind before filing tax return for AY2017-18
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 GST coming July 1 despite calls for delay: Revenue Secretary Hasmukh Adhia
 Centre introduces provision of taxation on NPS in Income Tax Act
 Income Tax Department Clarifies On Cash Withdrawal From Banks, Post Offices
 The Goods And Services Tax (Compensation To States) Bill, 2017
  Goods and Service Tax (GST) and Real Estate Sector
 New Income Tax Rules On Home Loan Come Into Effect
 Here's how late filers can save on stress and taxes
 Clarifications on the Taxation and Investment Regime for Pradhan Mantri Garib ?Kalyan Yojana, 2016
 Companies should invest in upgradation of tax technology

UCO Bank moves court against Income Tax fine
May, 09th 2011

The United Commercial Bank has moved the Delhi High Court challenging an Income Tax notice that slapped a penalty of over Rs 54 lakh on its branch for not making tax deduction at source on a fixed deposit account worth Rs 7.7 crore opened by the HC.

A bench of Chief Justice Dipak Misra and Justice Sanjiv Khanna, before whom the bank's plea came up for hearing recently, has referred the matter to a larger bench and fixed July 15 for further hearing.

The bank approached the court following the I-T department's March 29 order that the high court branch of UCO Bank was liable to pay more than Rs 54 lakh for violation of Income Tax act for not deducting TDS amount on the interests generated on a Fixed Deposit Receipt of more than Rs 7.7 crore.

The department has issued notice to the bank for its failure to deduct tax on the interest received by the court's Registrar General (RG).

Filing a petition through its standing Counsel Sarfaraz Khan, the bank submitted that the RG is only the custodian of the deposited amount but not the beneficiary and the act would not apply on it.

While hearing various litigations, the court had directed the litigants to deposit the disputed amount with the RG till the final disposal of the case and the RG had deposited them in the bank in the form of FDRs.

In the petition, UCO's counsel sought the court's intervention as the bank has got thousands of FDRs from the court and the department could issue large number of similar notices.

In September 2004, the court had passed an interim order in the case of Union of India versus Oriental Building Furnishing Company Ltd. And directed the government to deposit Rs 7,07,45,550 by way of an FDR in the name of Registrar General, the Delhi High Court.

Urging the court to quash the March 29 order of the I-T department to pay the penalty, the bank said, "Declare that the non-deduction of tax at source from the deposits made by the bank in the name of RG, Delhi High Court under the interim directions is not violative of Income Tax act".

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions