9911796707
TMI Blog2014 (9) TMI 1131X X X X Extracts X X X X X X X X Extracts X X X X ..... gainst the order CIT(A), dated 18-10-2012 for assessment year 2008-09, in the matter of order passed u/s.143(3)(ii) of the I.T. Act. 2. The only grievance of the assessee relates to disallowance of claim of deduction u/s.10B in respect of sales tax refund of Rs. 6,20,091/-. The AO has disallowed claim of deduction u/s.10B on the plea that the CST refund is not on account of profits and gains deri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment of sales tax on the cost of goods so purchased and debited to the profit and loss account go to reduce the profit. In case of assessee gets refund of certain amount on such sale tax which is a part of purchase cost, the corresponding profit of assessee will go to increase. In the instant case as per contention of Ld. AR, it appears that assessee has already debited the amount paid under s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the year under consideration or in earlier years. Accordingly, assessee is directed to furnish details of such payment of sales tax and the year in which it has formed part of its cost of purchase in trading/P&L account. If the AO finds that such sales tax have already been debited in the trading/profit and loss account as a cost of purchases, assessee should be given benefit of deduction u/s.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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