Tax collected at source (TCS) u/s 206C on sale of scrap - ...

TCS on scrap sale: Assessee claimed immunity u/s 206C(6A). AO didn't consider nature of goods & Form 27BA. Remitted to verify 206C purview.

Case Laws Income Tax

July 15, 2024

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 components - scrap sale covered by Rule 37J and Form 27BA duly filed, list of purchasers declaring purchases shown in books, and list of purchasers with declaration of purchases shown in books along with copy of declaration. Orders did not discuss nature of goods sold by assessee, amount for firewood sale, and iron material sale. Assessee claimed immunity u/s 206C(6A). Assessing Officer considered sale based on spot verification, but assessee claimed other sales not covered u/s 206C, like firewood and iron material sales. Issue u/r 37J read with Form 27BA remained untouched by Revenue authorities. Matter remitted to Assessing Officer to verify issues u/s 206C's purview and in light of above discussion. Assessee to get reasonable opportunity of hearing in set-aside proceedings and allowed to file evidence if required.

View Source

← Previous Next →

Tax collected at source (TCS) u/s 206C on sale of scrap - ...

TCS on scrap sale: Assessee claimed immunity u/s 206C(6A). AO didn't consider nature of goods & Form 27BA. Remitted to verify 206C purview.

Case Laws Income Tax

July 15, 2024

You may also like:

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...

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’...

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...

Liability to collect tax at source (TCS) u/s 206C(6A)/206C(7) - Form No.27C filled belatedly - sale of scrap - When there was no dispute about such a declaration being...

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...

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...

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(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...

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...

TCS on sale in terms of section 206C - trading of non-ferrous metal scrap - failure to submit the form 27C within the time prescribed - since the assessee had furnished...

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...

Default u/s. 206C - assessee has not collected TCS on sale of scraps - late filing of Form 27C - the A.O. failed to verify the Form 27C though the assessee submitted...

Tax Collection at Source u/s 206C-even state governments are liable under TCS provisions – there is no immunity to state govt. from TCS u/s 206C-IT department can...

TCS u/s 206C - sale of forest produce, not being timber or tendu leaves - waiver from collection of TCS - matter remanded back for reconsideration - AT

Quick Updates: