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Showing 381 to 382 of 382 Records
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1996 (1) TMI 3 - SUPREME COURT
Sales T.O. completed the assessment in respect of the a/y 1962-63 on Mar. 31, 1966, and demanded an additional - Whether, on the facts and in the circumstances of the case, the assessee is entitled to deduction of Rs. 2,22,161 towards the sales tax liability for the a/y 1971-72 - When the assessee is following the mercantile sys. of accounting, in case of sales tax payable by the assessee, the liability to pay sales tax would accrue the moment the dealer made sales, which are sub. to sales tax
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1996 (1) TMI 2 - SUPREME COURT
Held that in cases of " sticky advances " what could really be done is that on the assessee writing off the advances, the same would become bad debt and could be so dealt by the assessee as permitted by the relevant section of the Income-tax Act, 1961 - on the advances becoming bad debts, refund of tax paid on the interest could be claimed by the assessee in accordance with law
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