https://www.taxtmi.com/highlights?id=78519 The Appellate Tribunal considered whether the CIT (A) and AO erred in adding TCS payable u/s 43B, which was not claimed as an expense. The case involved tax collected at source by the assessee from buyers in the business of trading in Scrap u/s 206C(1) of the Act 61. The Tribunal held that TCS amount is the buyer's income tax collected by the seller for subsequent payment to the Central Government. The assessee acts as a custodian of the Government for this amount. As TCS is not a sum payable by the assessee but the buyer's income tax, it cannot be debited in the profit and loss account. The addition u/s 43B was deemed unnecessary, and the appeal of the assessee was allowed. en-us Sat, 15 Jun 2024 18:56:19 +0530 Sat, 15 Jun 2024 18:56:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78519 The Appellate Tribunal considered whether the CIT (A) and AO erred in adding TCS payable u/s 43B, which was not claimed as an expense. The case involved tax collected at source by the assessee from buyers in the business of trading in Scrap u/s 206C(1) of the Act 61. The Tribunal held that TCS amount is the buyer's income tax collected by the seller for subsequent payment to the Central Government. The assessee acts as a custodian of the Government for this amount. As TCS is not a sum payable by the assessee but the buyer's income tax, it cannot be debited in the profit and loss account. The addition u/s 43B was deemed unnecessary, and the appeal of the assessee was allowed. Highlights Income Tax Sat, 15 Jun 2024 18:56:19 +0530 https://www.taxtmi.com/highlights?id=78519