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2011 (7) TMI 34 - HC - Income TaxDisallowance u/s 43B - Loss from speculation business - The object of the legislature is to give the benefit of deduction of tax, duty, etc. only on payment of such amount liability of which the assessee had incurred and not otherwise - It was never the intention of the legislature to deprive an assessee of the benefit of deduction of tax, duty etc. actually paid by him during the previous year, although in advance, according to the method of accounting followed by him - Held that: Tribunal below committed substantial error of law in denying the benefit of Section 43B (a) of the Act to the appellant only on the ground that the tax was paid in advance in accordance with the mercantile system of accounting - Decided in favour of the assessee and directing the Assessing Officer to give benefit of the provision of Section 43B (a) of the Act in respect of the amount of Rs. 322.46 lakh paid by the assessee
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