TMI Blog1992 (7) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... following questions of law have been referred to this court : "(1) Whether, on the facts and in the circumstances of the case, and also on a proper interpretation of the provisions of section 43B of the Income-tax Act, 1961, the Tribunal was correct in law in holding that the first proviso to section 43B of the Income-tax Act, 1961, introduced by the Finance Act, 1987, with effect from April 1, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eal before the Commissioner of Income-tax (Appeals) and submitted that the sales tax liability in question was for the last quarter of the accounting year, ending December 31, 1985 and it was paid within a month, i.e., on January 30, 1986, as per the provisions of the Sales Tax Act. The assessee, therefore, claimed that since the amount was paid before the due date for payment under the relevant s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f to the assessee in the light of the decision in the case of K. S. Lokhandwala [1989] 31 ITD 305 (Ahmedabad). It is not in dispute that these questions are now concluded by the decision of this court in the case of CIT v. Sri Jagannath Steel Corporation [1991] 191 ITR 676. Following the said decision, we answer both the questions in this reference in the affirmative and in favour of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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