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2020 (3) TMI 180 - HC - Income TaxRevision u/s 263 - Treatment to benefit of deferred sales tax payment under the Scheme announced by the State of Maharashtra and under the Scheme made a premature payment at NPV (Net Present Value) of the deferred amount of sales tax collected - Assessing Authority allowed the said benefit to the Assessee and did not invoke Section 41(1) of the Income Tax Act, treating the remaining part of the deferred sales tax as neither remission nor cessation of sales tax liability of the Assessee - HELD THAT:- The controversy is no longer res integra as the Hon'ble Supreme Court, in the case of “Commissioner of Income Tax, Mumbai -Vs- Balkrishna Industries Ltd” ., [2017 (11) TMI 1626 - SUPREME COURT] has decided that Section 41(1) of the Act does not apply in such circumstances . Following the said decision of the Hon'ble Supreme Court, a Coordinate Bench of this Court also dismissed a similar appeal filed by the Revenue in the case of “Commissioner of Income Tax -Vs- M/s.Wheels India Limited [2019 (7) TMI 986 - MADRAS HIGH COURT] - Decided against revenue
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