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2003 (3) TMI 45 - HC - Income TaxBusiness expenditure – deduction - in the Central Board of Direct Taxes Circular No. 674, dated December 29, 1993, if the sales tax liability of the sales tax collected has not been paid actually nor that liability has been converted into loan as required under Circular dated December 29, 1993, that amount is hit by the provisions of section 43B of the Act. He submits that in this case the amount of sales tax collected has not been converted into loan as required under the Circular dated December 29, 1993, therefore, the Tribunal has committed an error in allowing the deduction contrary to the circular and the provisions of section 43B of the Act - neither there is amendment in the Sales Tax Act to give effect to the provisions of the scheme nor the sales tax collected has been converted into loan as required in the circular dated December 29 of 1993, in our view, the Tribunal has committed an error in allowing the deduction contrary to the provisions of section 43B of the Act, 1961.
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