TCS u/s 206C - the products resulted from ship breaking ...

Ship breaking products deemed reusable exempt from tax collection u/s 206C.

October 13, 2016

Case Laws Income Tax AT

TCS u/s 206C - the products resulted from ship breaking activity, which are re-usable. Thus, the assessee was not supposed to collect tax under section 206C - AT

View Source

← Previous Next →

TCS u/s 206C - the products resulted from ship breaking ...

Ship breaking products deemed reusable exempt from tax collection u/s 206C.

October 13, 2016

Case Laws Income Tax AT

You may also like:

TCS u/s 206C - Not collection of tax at source on Old and used plates, Non-excisable (exempted) like furniture, wood, etc., Trading of scrap (melting) and High seas sale...

Non-collection of TCS u/s 206C - there is no ambiguity that the seller of forest product is required to collect tax on forest produce. But the “Minor Forest Product” are...

TCS u/s 206C - TCS & interest liability where the buyer has paid the taxes - sale of ship-breaking scrap against delcaration in Form no. 27C - matter remanded back to...

This notification amends the Income-tax Rules, 1962, introducing changes related to tax collection at source u/s 206C of the Income-tax Act, 1961. The key amendments...

Income Tax: To facilitate ease of doing business and reduce compliance burden, it is proposed to amend section 197 to bring section 194Q (tax deduction on purchase of...

Provisional release of seized ship - Import of ship for breaking and its parts - Pending further investigation and adjudication continued seizure of the ship would...

Tax Collection at Soruce (TCS) - Addition u/s 206C(6)/206C(7) - whether the Swan timber is different from timber - if the timber is being sized, sawn into logs of...

Whether tax credit paid on purchases of Oxygen Gas and LPG used in cutting hull of the ship during ship breaking/scrapping process is admissible - Held Yes - HC

TCS u/s 206C - sale of 'scrap' of arising on dismantling of ships - the non-excisable products are obtained from the ships and sold as it is without undergoing any...

Refund claim - Once the input credit is legally taken and utilized on the dutiable final product, it need not be reversed on the final product being exempted...

Ship breaking activity - When excise duty is exempted, there is no question of payment of additional duty.

Non collection of TCS (tax collection at source) - main husk is a by-product and the same cannot be considered as scrap and waste as provided in the Explanation to...

CENVAT Credit - It is clear that Fuel and Oils are by-product that are inevitably required to be removed from the ship in the course of commencing the activity of...

TCS on Scrap - section 206C - there is no requirement that the goods to be eligible for scrap should be produced/manufacture by the seller itself. - In present...

A presumptive taxation regime is being introduced for non-resident cruise ship operators, deeming 20% of aggregate receipts as profits and gains from this business....

Quick Updates: