https://www.taxtmi.com/caselaws?id=755297 Section 206C of the Income-tax Act was stated to apply only where the person falls within the statutory definition of "buyer"; on the facts discussed, liquor contractors who obtained only retail vending rights by auction, and later procured arrack under a State-controlled excise regime, were treated as outside that definition because the goods were not obtained by auction and the sale price was fixed under the State law. The text also states that an order under Section 206C(6) carrying adverse civil consequences must comply with natural justice, so a reasonable opportunity of hearing, including personal hearing, is required before any prejudicial order is made. en-us Mon, 08 Jul 2024 00:00:00 +0530 Tue, 09 Jul 2024 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755297 Section 206C of the Income-tax Act was stated to apply only where the person falls within the statutory definition of "buyer"; on the facts discussed, liquor contractors who obtained only retail vending rights by auction, and later procured arrack under a State-controlled excise regime, were treated as outside that definition because the goods were not obtained by auction and the sale price was fixed under the State law. The text also states that an order under Section 206C(6) carrying adverse civil consequences must comply with natural justice, so a reasonable opportunity of hearing, including personal hearing, is required before any prejudicial order is made. Case-Laws Income Tax Mon, 08 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755297