https://www.taxtmi.com/caselaws?id=754037 The ITAT Amritsar held that TCS (Tax Collected at Source) payable shown in audit report cannot be added under section 43B as it is neither an allowable expense nor claimed by the assessee. The assessee, engaged in scrap trading, collected TCS from buyers under section 206C(1) as custodian for the Government. Since TCS represents income tax of buyers held as liability and not debited to profit and loss account, it cannot be treated as an expense subject to section 43B provisions. The addition was deleted and assessee's appeal was allowed. en-us Tue, 04 Jun 2024 00:00:00 +0530 Sat, 15 Jun 2024 08:22:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754037 The ITAT Amritsar held that TCS (Tax Collected at Source) payable shown in audit report cannot be added under section 43B as it is neither an allowable expense nor claimed by the assessee. The assessee, engaged in scrap trading, collected TCS from buyers under section 206C(1) as custodian for the Government. Since TCS represents income tax of buyers held as liability and not debited to profit and loss account, it cannot be treated as an expense subject to section 43B provisions. The addition was deleted and assessee's appeal was allowed. Case-Laws Income Tax Tue, 04 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754037