Section 206C, read with section 154, of the Income-tax Act, 1961 - Collection of tax at source (Scrap) - Assessment year 2007-08 - Whether where assessee had obtained Form 27C from buyers of cotton waste for non-collection of tax at source, even if same was filed before assessing authority by applying provisions of section 154, technical breach, if any, was liable to be condoned - Held, yes [Para 2] [In favour of assessee]
Section 206C of the Income-tax Act, 1961 - Collection of tax at source (Scrap) - Assessment year 2007-08 - Whether where cotton waste disposed of by assessee was reused by purchaser as raw material for manufacture of lower count of cotton yarn, such cotton waste could not come within meaning of 'scrap' as defined in Explanation (b) to section 206C - Held, yes [Para 4] [In favour of assessee]
Refer:[2014] 49 taxmann.com 273 (Madras)
HIGH COURT OF MADRAS
Commissioner of Income-tax
v.
Adisankara Spinning mills (P.) Ltd.
Section 206C of the Income-tax Act, 1961 - Collection of tax at source (Scrap) - Assessment year 2007-08 - Whether where cotton waste disposed of by assessee was reused by purchaser as raw material for manufacture of lower count of cotton yarn, such cotton waste could not come within meaning of 'scrap' as defined in Explanation (b) to section 206C - Held, yes [Para 4] [In favour of assessee]
Refer:[2014] 49 taxmann.com 273 (Madras)
HIGH COURT OF MADRAS
Commissioner of Income-tax
v.
Adisankara Spinning mills (P.) Ltd.
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