TCS u/s 206C(1) - Purchase by the assessee as scarp subjected to ...

Scrap Purchases by Assessee Subject to TCS u/s 206C(1); Resale Must Also Be Classified as Scrap.

July 18, 2020

Case Laws Income Tax AT

TCS u/s 206C(1) - Purchase by the assessee as scarp subjected to TCS - In view of the undisputed fact that what was purchased by the assessee is scarp subjected to TCS then the resale of the same material is also be treated as scrap and there is no scope of re-classification of the these goods at the time of sale

View Source

← Previous Next →

TCS u/s 206C(1) - Purchase by the assessee as scarp subjected to ...

Scrap Purchases by Assessee Subject to TCS u/s 206C(1); Resale Must Also Be Classified as Scrap.

July 18, 2020

Case Laws Income Tax AT

You may also like:

Tax collected at source (TCS) u/s 206C on sale of scrap - Revenue treated assessee as "defaulter" for non-collection of TCS u/s 206C. Held: Sale categorized into three...

TCS u/s 206C(1) - activity of sale of scrap - to fall under the definition of scrap as given in the Explanation to section 206C of the Act, the term ‘waste’ and ‘scrap’...

Failure to collect TCS u/s 206C(1) - trading of scrap - sale of scrap to manufacturer - Period of limitation - assessee being trader, not covered in definition of...

Demand u/s 206C(1)/206C(7) - TCS - 206C(1A) mandates person responsible for TCS to not collect taxes if he obtains a declaration from the buyer that he is purchasing the...

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...

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...

Item sold in scrap i.e. Tin, iron scrap, plastic drum etc. is not scrap generated from manufacturing process - No liability to deduct TCS U/s 206C - AT

The Appellate Tribunal considered whether the CIT (A) and AO erred in adding TCS payable u/s 43B, which was not claimed as an expense. The case involved tax collected at...

ITAT upheld CIT(A)'s decision confirming assessee's liability to collect TCS on compounding fees received from illegal miners and transporters of minerals. The tribunal...

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...

Addition u/s.69 or 68 - assessee has paid on-money towards purchase of property to the seller - The assessee is only owner of 1/3rd share in the property purchased. -...

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...

Collection of tax at source (TCS) u/s. 206C - compounding fees received from persons involved in illegal mining and transportation of minerals - The assessee failed to...

Default u/s 206C - Import of scrap - TCS (Tax Collection at Source) - It is the assessee himself who had declared that the materials sold by him was imported by him as...

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...

Quick Updates: