Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
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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.
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