Achi news desk-
Supreme Court (case)
– Photo: ANI
expansion
The Supreme Court said that an interest-free or discounted loan for bank employees is a unique benefit. This is a ‘benefit’ and therefore subject to income tax. The bench of Justices Sanjeev Khanna and Dipankar Dutta also said that fixing SBI’s interest rate as a benchmark ensures uniformity and prevents legal disputes over different interest rates charged by different banks.
The commission said that trade and taxation laws are highly sensitive and complex, as they deal with multiple issues and conditions. This court will not want to interfere with the relevant law, which prevents the possibility of abuse and promotes certainty. Also, the court ruled that the instructions are not unjust or harsh towards the taxpayers. The commission, while approving the charging of SBI’s prime lending rate as benchmark, said a complex problem has been solved through a uniform formula, which deserves judicial approval.
Threat During GST collection, Center should not use force
The Supreme Court directed the Center not to take threatening and coercive actions against traders during searches and seizures for VAT collection. Instead, it persuaded them to deposit the payments voluntarily. A bench of Justice Sanjeev Khanna, Justice MM Sundarsh ​​and Justice Bela M Trivedi said there is no provision under the GST Act which empowers officials to use force to pay debts. The bench examined various provisions of the GST Act. There is no power to compel any person to pay tax liability during search and seizure under the Act, the bench told Additional Solicitor General SV Raju, appearing at the Centre. Ask your department that payment be made voluntarily and no force be used.
