9911796707
TMI Blog2002 (7) TMI 40X X X X Extracts X X X X X X X X Extracts X X X X ..... es tax amount, when the resolution of the Government was passed on December 14, 1984, and the assessee had not discharged its liability on March 31, 1984, i.e., prior to the date of resolution?" In this reference, the only dispute is about disallowance under section 43B for unpaid sum of Rs. 1,01,81,278 for sales tax. It is the stand of the assessee before the assessing authority that the State Government had allowed the assessee to return sales tax collected as a sort of incentive provided for the growth of industry. On this basis, it was contended by the assessee that its case was covered by the provisions contained in section 43B of the Income-tax Act. The Income-tax Officer has, however, rejected the assessee's claim. Being aggrieved ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case of CIT v. Gujarat Polycrete Pvt. Ltd. [2000] 246 ITR 463, wherein it is held that the Central Board of Direct Taxes circular, dated September 25, 1987, would apply only if a State would have amended its Sales Tax Act to provide that the sales tax that was deferred by an incentive scheme framed by it would be treated as actually paid, so as to meet the requirements of section 43B of the Income-tax Act, 1961. It was further held on the basis of the facts of that case that notice had not been taken of the Gujarat Sales Tax Act, 1969, to ascertain whether or not there was such an amendment. The Supreme Court thereafter has taken the view that the question whether the Appellate Tribunal was right in law and facts in directing the Assessi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the State Government has made an amendment in the Gujarat Sales Tax Act and the second proviso to section 47(4) of the Act was inserted by Gujarat Act No. 5 of 1988, with effect from March 24, 1988, which reads as under: "Provided further that notwithstanding anything contained in this Act or in the rules made thereunder but subject to such conditions as the State Government or the Commissioner may by general or special order specify, where a dealer to whom incentives by way of deferment of sales tax or purchase tax or both have been granted by virtue of an eligibility certificate granted by the Commissioner of Industries, Gujarat State or any officer authorised by him in this behalf and where a loan liability equal to the amount of any su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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