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2002 (9) TMI 51 - HC - Income Tax"Whether, on the facts and in the circumstances of the case, and proper interpretation of law, the Tribunal was legally justified in holding that the interest payable to the Sales Tax Department is also 'tax' and the provisions of section 43B of the Act are applicable therein?" - the liability to pay interest is an allowable deduction. The object of section 43B is to curb the activities of those taxpayers who do not discharge their statutory liability of payment of sales tax or excise duty for long periods but claim deduction in that regard from the income on the ground that the liability to pay this amount had been incurred by them in relevant previous year. The question is decided in favour of the Revenue and against the assessee.
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