2025 (7) TMI 1950

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....t : Dr. Ranjit Kaur (Addl. CIT) - Ld. Sr. DR ORDER Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2022-23 arises out of an order of learned Addl./Joint Commissioner of Income Tax (Appeals)-1, Chennai [CIT(A)] dated 26-11-2024 in the matter of an intimation issued by CPC u/s 143(1) of the Act on 17-02-2023. Having heard rival submissions a....

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....age Nos. 10 to 11 of the paper-book would show that the assessee is engaged in trading activities as well as it has earned commission income. The assessee act as a commission agent and it is duly registered with Haryana State Agricultural Marketing Committee/Board. As per assessee's submissions to Ld. CIT(A), it could be seen that the assessee act as a Kacha Arhtia and he do not indulge in trading....

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....urchases. The said provisions target buyers with a specific turnover threshold, requiring them to withhold a portion of their payments as TDS. The purpose of the provisions is to improve the process of tax collection and ensure clear financial transactions. The specified buyers having turnover of more than Rs. 10 Crores are required to deduct TDS while making purchases of more than Rs. 50 Lacs fro....