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Income Tax - Highlights / Catch Notes

Home Highlights August 2016 Year 2016 This

TCS - scrap generated from the mechanical working of the ...

Income Tax

August 27, 2016

TCS - scrap generated from the mechanical working of the material (breaking of the ship) - The assessee is duty bound to collect the TCS from the buyers in terms of Section 206C of the Act.- AT

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  1. TCS u/s 206C - TCS & interest liability where the buyer has paid the taxes - sale of ship-breaking scrap against delcaration in Form no. 27C - matter remanded back to...

  2. Failure to collect TCS u/s 206C(1) - trading of scrap - sale of scrap to manufacturer - Period of limitation - assessee being trader, not covered in definition of...

  3. Item sold in scrap i.e. Tin, iron scrap, plastic drum etc. is not scrap generated from manufacturing process - No liability to deduct TCS U/s 206C - AT

  4. Whether tax credit paid on purchases of Oxygen Gas and LPG used in cutting hull of the ship during ship breaking/scrapping process is admissible - Held Yes - HC

  5. Whether Tata Teleservices (Maharashtra) Ltd. and Tata Consultancy Services Ltd. are group companies under FTP.

  6. Levy of duty on Scrap - metal scrap were generated out of scrapping of the capital goods (Machinery and components) -when the scrap had not arisen out of manufacture, no duty - HC

  7. Whether the Appellants are eligible to pay duty by debitting CENVAT Credit account on the waste and scrap generated during the course of job work - Held Yes - AT

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  10. Non-collection of TCS - since the assessee does not have any manufacturing or mechanical working processes, the scrap as defined in the said section cannot be generated....

 

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