2017 (1) TMI 1595 - HC - Income Tax

TCS - Provisions of Section 206C applicability - petitioner-Corporation is not a first seller and is a second seller is the question of law that arises for consideration in this appeal - Held that - Income Tax authorities including the Income Tax Appellate Tribunal rightly held that the provisions of Section 206C of the Income Tax Act, 1961 were applicable to the petitioner-Corporation as the petitioner was the first seller and not the second seller, as claimed by it. See MAHARASHTRA STATE COOPERATIVE TRIBAL DEVELOPMENT CORPORATION LTD. VERSUS COMMISSIONER OF INCOME TAX, ASSISTANT COMMISSIONER OF INCOME TAX, TDS CIRCLE, NAGPUR 2017 (1) TMI 1039 - BOMBAY HIGH COURT Since the only question involved in this income tax appeal is answered against the appellant-Corporation, appeal dismissed.

Summary

The Bombay High Court upheld that Section 206C of the Income Tax Act, 1961 applied to the petitioner-Corporation as a first seller, not a second seller. The income tax appeal was dismissed based on a previous judgment. (Case citation: 2017 (1) TMI 1595 - BOMBAY HIGH COURT)