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Garnishee of a garnishee: The Income Tax perspective
By Ravi Sawana and Apurva Chaudhary
Garnishee of Garnishee’ is triggered when the garnishee fails to make the payment to the creditor of its debtor and pursuant to which, the creditor seeks to recover money from the debtors of the garnishee. The article in this issue of Direct Tax Amicus discusses in detail the question as to whether the tax department has power to go after the debtors of the garnishee i.e., whether it would lead to issuance of notice under Section 226(3) to garnishee of garnishee. Citing various case law and interpretating the provisions, the authors are of the view that the Income Tax Act does not allow layered garnishment, i.e. recovery of dues from the debtor of the garnishee. According to them, jurisdiction of the tax department is thus restricted to the debtors of the assessee and cannot be construed to be extended to the debtors of the garnishee.
Notifications & Circulars
Higher rate of TDS/ TCS as per Section 206AA/ 206CC made non-applicable in case of death of deductee / collectee before linkage of PAN and Aadhaar
Key amendments made by the Finance (No.2) Act, 2024
Ratio decidendi
Revision – Relaxation of limitation under Section 263(3) is not available where remand not made to PCIT – Karnataka High Court
Transfer pricing – ALP of royalty payment cannot be considered as Nil, treating assessee as contract manufacturer, when assessee a licensed manufacturer – Delhi High Court
Dependent Agent PE – Assessee not having transaction with a foreign company for the year under consideration cannot constitute DAPE for such foreign company – ITAT Bengaluru
No TDS on payments becoming taxable later due to retrospective amendment – Bombay High Court
Deduction for contribution to relief funds and charitable institutions – Application for final approval u/s. 80G(5) is not time barred even if activities commenced prior to provisional approval – ITAT Kolkata
