TMI BlogSales tax set off as deduction u/s 43B - whether the set off or adjustment amounts to deemed payment? -...Sales tax set off as deduction u/s 43B - whether the set off or adjustment amounts to deemed payment? - When the assessee purchases raw materials, it is liable to pay purchase tax on the purchase. An equivalent of this amount is adjusted towards the liability on the sale of the product produced out of the raw materials purchased. This adjustment, by legal fiction, is deemed to be an actual payment of the tax liability. Admittedly, this amount is a tax payable. If it is a tax liability on being s..... ..... X X X X Extracts X X X X X X X X Extracts X X X X
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