https://www.taxtmi.com/caselaws?id=331568 The Tribunal held that Section 206C applies to traders of scrap, requiring them to collect tax at source. It ruled that late submission of Form No. 27C should not absolve liability if declarations are genuine. Interest under Section 206C(7) should only be charged for delayed tax payments by buyers. The Tribunal directed credit for usable scrap items if Form No. 27C was timely filed. Relief was granted for late submissions and adjustments were ordered, emphasizing compliance over procedural delays. The case was remanded for further verification by the Assessing Officer. en-us Tue, 16 Aug 2016 00:00:00 +0530 Tue, 06 Feb 2018 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331568 The Tribunal held that Section 206C applies to traders of scrap, requiring them to collect tax at source. It ruled that late submission of Form No. 27C should not absolve liability if declarations are genuine. Interest under Section 206C(7) should only be charged for delayed tax payments by buyers. The Tribunal directed credit for usable scrap items if Form No. 27C was timely filed. Relief was granted for late submissions and adjustments were ordered, emphasizing compliance over procedural delays. The case was remanded for further verification by the Assessing Officer. Case-Laws Income Tax Tue, 16 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331568