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Tax news
May 11: 8Recently, the Supreme Court of India (Supreme Court) in the case of Palam Gas Service (the taxpayer) held that when the entire scheme of obligation to deduct the tax at source and paying it over to the government is read holistically, it cannot be held that the word 'payable' occurring in Section 40(a)(ia) of the Income-tax Act, 1961 (the Act) refers to only those cases where the amount is yet to be paid and does not cover the cases where the amount is actually paid. Accordingly, Section 40(a)(ia) of the Act covers not only those cases where the amount is ‘payable’ but also when it is ‘paid’ and tax has not been deducted on the same.
8For reference purposes, the website carries here the Taxation laws (Amendement) Act, 2017 which further amends the Customs Act, 1962, the Customs Tariff Act, 1975, the Central Excise Act, 1944, the Central Sales Tax Act, 1956, the Finance Act, 2001 and the Finance Act, 2005 as well as repeal certain enactments.
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