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2019 (5) TMI 734 - AT - Income TaxDemand u/s 206C(1) and u/s 206C(7) - TCS - requirement to collect tax at source while selling scrap - assessee is engaged in the business of ship breaking - seeking declaration from the buyer that he is purchasing the goods for re-use in manufacturing process - HELD THAT:- As mandates any person responsible for collecting taxes u/s 206(1) need not to do so if he obtains a declaration from the buyer that he is purchasing the goods for re-use in manufacturing process or producing article or things. It does not say that such declaration has to be obtained at the very same moment when sale is effected. In the present case, the assessee has submitted declaration before the AO in requisite forms. CIT(A) has appreciated the facts in right perspective and rightly held that the assessee was not required to collect taxes at sources when sales were made as required under section 206C. We do not find any error in the order of the ld.CIT(A), hence, appeal of the Revenue is devoid of any merit. - Decided in favour of assessee.
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