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2007 (7) TMI 334 - AT - Income Tax
Extract:
.......merely on payment basis before incurring the liability. The assessee would be entitled to deduction in the year of payment after incurring liability in any previous year. (2) The Modvat Credit available to the assessee as on the last day of the previous year does not amount to payment of Central Excise Duty under section 43B. 3. I hold accordingly.