The \u00a0assessee-company had sold scrap to various parties without collecting tax at source. \u00a0Assessee had also failed to submit a statement in Form 27C comprising of buyer’s declaration to prescribed income tax authority in time.The Assessing Officer treated the\u00a0 assessee\u00a0 as assessee in default and \u00a0levied the interest under section 206C(7 ) of the Act\u00a0 which is affirmed by the CIT(A). On appeal it was\u00a0 contended that if buyer of scrap had paid taxes on purchase and furnished CA certificate to this effect, assessee would not be at default under section 206C. The Tribunal held\u00a0 that since there was no limit provided in section 206C to make a declaration in Form 27C collected from buyers, delay in filing said declaration would not be ground to deny benefit to assessee. Matter was to be remanded back to file of Assessing Officer to decide issue de novo after giving assessee due opportunity of hearing. (AY. 2014-15 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 206C : Collection at source-Trading-Alcoholic liquor-Forest produce-Scrap-Buyers declaration in Form No 27C-No time limit is prescribed-Delay in filing the Form-Cannot be treated as asseessee in default-Benefit cannot be denied-Matter is remanded to the file of the Assessing Officer to decide issue de novo after giving assessee due opportunity of hearing. [S. 206C(IA), (206C(6), 206C(7), Form No 27C] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-42948","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-baI","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=42948"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42948\/revisions"}],"predecessor-version":[{"id":42949,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42948\/revisions\/42949"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=42948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=42948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=42948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}