https://www.taxtmi.com/caselaws?id=255508 The court held that Section 206C of the Income Tax Act applies to timber importers, including those procuring timber from abroad. The petitioners' failure to collect tax at source (TCS) rendered them 'assessee-in-default', liable for interest under Section 206C(7), and subject to potential penal action. The court emphasized the legislative intent to prevent tax evasion and ensure tax collection at the source. The petitions were dismissed, advising the petitioners to contest the quantification of their liability before the appropriate authorities. en-us Mon, 15 Dec 2014 00:00:00 +0530 Mon, 19 Jan 2015 13:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255508 The court held that Section 206C of the Income Tax Act applies to timber importers, including those procuring timber from abroad. The petitioners' failure to collect tax at source (TCS) rendered them 'assessee-in-default', liable for interest under Section 206C(7), and subject to potential penal action. The court emphasized the legislative intent to prevent tax evasion and ensure tax collection at the source. The petitions were dismissed, advising the petitioners to contest the quantification of their liability before the appropriate authorities. Case-Laws Income Tax Mon, 15 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255508