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Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
The assessee, a licensed commission agent in the Agricultural Market Committee Yard, Guntur, claimed credit for the entire amount deducted as tax at source u/s 194Q from commission income, which was deducted as tax at source u/s 194A from interest income. The assessee relied on CBDT Circular No. 452 and the case of Yagneswari General Traders, stating that the turnover of Kaccha Arahtias includes only the gross commission and not the sales effected on behalf of principals. The ITAT held that since the assessee acted as an agent (Kaccha Arahtia), the CBDT Circular applied, and the assessee was eligible to get credit for the entire amount deducted as tax at source. Consequently, there was no shortfall of TDS as concluded by the Revenue Authorities, and the assessee's appeal was allowed.
The assessee, a licensed commission agent in the Agricultural Market Committee Yard, Guntur, claimed credit for the entire amount deducted as tax at source u/s 194Q from commission income, which was deducted as tax at source u/s 194A from interest income. The assessee relied on CBDT Circular No. 452 and the case of Yagneswari General Traders, stating that the turnover of Kaccha Arahtias includes only the gross commission and not the sales effected on behalf of principals. The ITAT held that since the assessee acted as an agent (Kaccha Arahtia), the CBDT Circular applied, and the assessee was eligible to get credit for the entire amount deducted as tax at source. Consequently, there was no shortfall of TDS as concluded by the Revenue Authorities, and the assessee's appeal was allowed.
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