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TMI BlogDeduction of sales taxX X X X Extracts X X X X X X X X Extracts X X X X ..... Deduction of sales tax X X X X Extracts X X X X X X X X Extracts X X X X ..... x on material purchased. It adjusted Rs. 800000/- against output tax payable and claimed balance of Rs. 200000/- as refund from sales tax in the year 2007-08. The sales tax assessment was completed in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the year 2008-09 and the department refunded only Rs. 150000/-. It claimed Rs. 50000/- as expenditure in the year 2008-09. Will it be allowed as deduction. if yes, under which section of income tax a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct. pls. clarify along with relevant case laws if any. Thanks in advance. Reply By ranganath shenoy: The Reply: in my opinion the reduction of refund may be equated to demand of tax.Any tax paid/ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... justed is allowed in the year of payment under Section 43B read with Sec 37 whatever be the method of accounting Reply By DEV KUMAR KOTHARI: The Reply: The expenses of Rs.5000/- crystlised on comple ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of assessment. therefore, adjustment of Rs.5000/- out of amount shown as claim for rdfund will be in nature of expenditure on account of goods purchased. You had deducted Rs.100000/- from goods ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purchsed/ consumed in earleir year. Now out of this Rs.5000/- is not made availabel by the ST department and it assumed nature of cost of goods. The accrual is at the time of completion of assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and lower refund. X X X X Extracts X X X X X X X X Extracts X X X X
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