HC dismissed Revenue's appeal regarding TCS collection ...

Sellers Not Required to Verify Form 27C Declarations Under Section 206C for Tax Collection at Source

February 20, 2025

Case Laws Income Tax HC

HC dismissed Revenue's appeal regarding TCS collection responsibility under s.206C. Court held that verification requirements in Form 27C apply solely to purchasers as declarants, not sellers. Revenue's contention that sellers must verify declarations was found contrary to s.206C(1A) read with Rule 37C. The Court emphasized that neither the Act nor Rules impose verification duties on sellers. Following precedent from A.A. Estate, HC determined no substantial question of law existed warranting admission under s.260-A, as Revenue's interpretation contradicted clear statutory provisions regarding TCS collection and declaration procedures.

View Source

← Previous Next →

HC dismissed Revenue's appeal regarding TCS collection ...

Sellers Not Required to Verify Form 27C Declarations Under Section 206C for Tax Collection at Source

February 20, 2025

Case Laws Income Tax HC

You may also like:

Collection of tax at source by Tea Board of India – determination of value - collection of TCS from the sellers (i.e. tea producers) and collection of TCS from the auctioneers

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...

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...

Short computation of TCS - Period of limitation for submission of Form 27C - the claim of the ld. Counsel for the assessee that there is no time limit prescribed for...

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...

Section 194S : TDS on payment on transfer of virtual digital asset - Deduction of Tax at Source (TDS), Collection of Tax at Source (TCS) / Withholding Tax

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...

No deduction of tax shall be made u/s 194Q of the IT Act 1961 by a buyer on purchase of goods from an International Financial Services Centre Unit seller, subject to...

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...

The appeal filed by the assessee company was dismissed by the Income Tax Appellate Tribunal on the grounds that the Form 36 (memo of appeal) was not duly verified as per...

Input Tax Credit - purchases made from the seller who had discharged its tax liability but the preceding seller has not discharged its liability under the Act - If the...

Direct tax collections for FY 2023-24 as of 17.06.2023 show net collections of Rs. 3,79,760 crore, a growth of 11.18% compared to the preceding year. - Gross collections...

Input Tax Credit - Reversal / refunding of ITC - the Integrated Goods and Service Tax (IGST) was not paid and ‘NIL’ return had been filed by the seller but the...

Refund of Tax - tax was collected in the absence of ‘C’ forms - refund to the seller - once the Rajasthan authorities issue C forms against the sales made by Reliance...

Credit of the tax deducted at source (TDS) as TDS deducted by the employer - mis-match of tax deducted u/s 192 and the amount reflected in Form 26AS - The Court...

Quick Updates: