Specialized Investment Fund distribution now requires dedicated certification, while transitional recognition preserves existing qualified distributor...
Overlapping GST proceedings require Central and State authorities to designate one competent authority for coordinated adjudication of the same matter...
Composite healthcare supplies retain exemption when patient care is the contract's essential character, despite payment through an implementing agency...
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 4805
Join Channel
TaxTMI 
