https://www.taxtmi.com/caselaws?id=378319 Tax collection at source under section 206C(1C) applies where, despite the form of a concession agreement, the recipient entity in substance acts as the grantor and collects toll or concession receipts on its own account. The arrangement was read with the Punjab Infrastructure (Development & Regulation) Act, 2002, and the board's actual conduct-retaining the receipts in its own funds and using them for its own purposes-supported principal-to-principal treatment. The fact that the concessionaire may have filed returns and paid tax did not displace the board's statutory TCS obligation. Consequential interest under section 206C(7) and penalty under section 271CA were also sustained. en-us Fri, 29 Mar 2019 00:00:00 +0530 Fri, 12 Apr 2019 15:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378319 Tax collection at source under section 206C(1C) applies where, despite the form of a concession agreement, the recipient entity in substance acts as the grantor and collects toll or concession receipts on its own account. The arrangement was read with the Punjab Infrastructure (Development & Regulation) Act, 2002, and the board's actual conduct-retaining the receipts in its own funds and using them for its own purposes-supported principal-to-principal treatment. The fact that the concessionaire may have filed returns and paid tax did not displace the board's statutory TCS obligation. Consequential interest under section 206C(7) and penalty under section 271CA were also sustained. Case-Laws Income Tax Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378319