Case Law Details
Case Name : Lala Bharat Lal & Sons Vs ITO (ITAT Luknow)
Related Assessment Year : 2014-15, 2015-16 & 2016-17
Courts :
All ITAT ITAT Lucknow
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Lala Bharat Lal & Sons Vs ITO (ITAT Luknow)
The issue under consideration is whether the TCS u/s 206C at 1% will be applicable on sale of scrap not generated out of manufacturing activities?
In the present case, the assessee is dealing in the business of trading of scrap and during the years under consideration, the Assessing Officer held that the assessee was liable to collect TCS @ 1% of the sale amount, from the buyers, which the assessee did not do and therefore, the Assessing Officer passed an order under section 206C(6), 206C(6A) and 206C(7) of the Income Tax Act, 1961.
ITAT states t...
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Author Bio
If company is in oxygen manufacturing, And sold trading purchase item as scrap. Can applicable for tcs charge on sale bill