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

  5. 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

  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

  8. TCS u/s 206C - Not collection of tax at source on Old and used plates, Non-excisable (exempted) like furniture, wood, etc., Trading of scrap (melting) and High seas sale...

  9. Addition income from sale of scarp on ship breaking - 0.81 % of the total recovery being attributed to non ferrous scrap generated during the course of ship breaking by...

  10. Ship breaking activity - When excise duty is exempted, there is no question of payment of additional duty.

 

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