Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Page of 4803
Press 'Enter' after typing page number.
381 to 400 of 96046 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
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 source by the assessee from buyers in the business of trading in Scrap u/s 206C(1) of the Act 61. The Tribunal held that TCS amount is the buyer's income tax collected by the seller for subsequent payment to the Central Government. The assessee acts as a custodian of the Government for this amount. As TCS is not a sum payable by the assessee but the buyer's income tax, it cannot be debited in the profit and loss account. The addition u/s 43B was deemed unnecessary, and the appeal of the assessee was allowed.
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 source by the assessee from buyers in the business of trading in Scrap u/s 206C(1) of the Act 61. The Tribunal held that TCS amount is the buyer's income tax collected by the seller for subsequent payment to the Central Government. The assessee acts as a custodian of the Government for this amount. As TCS is not a sum payable by the assessee but the buyer's income tax, it cannot be debited in the profit and loss account. The addition u/s 43B was deemed unnecessary, and the appeal of the assessee was allowed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4803
Join Channel
TaxTMI 
