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2010 (12) TMI 933 - HC - Income TaxDeferred payment of the sales tax - whether the circular No. 674 dated December 29 1993 issued by the State of Bihar in relation to the scheme for deferred payment of the sales tax would be valid for the purposes of giving concession to the assessee? - Held that - Language used in the circular referred to hereinabove clearly makes out a case where such concession was available to the assessees and as such deferred payment of sales tax would be deemed to be a loan which was paid subsequently and in that view of the matter the deduction was held permissible. The arguments of the learned counsel that there is no such law and no amendment in the Sales Tax Act of the State of Bihar has been made is not acceptable because the Central Board of Direct Taxes itself in the circular aforesaid has accepted that by circular such concession can be allowed no force in these appeals. These appeals are therefore held meritless and are dismissed.
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