An assessee is entitled to claim deduction on account of excise duty paid in advance as business expenditure
Section 43B, read with section 37(1), of the Income-tax Act, 1961 - Business disallowance - Certain deductions to be allowed only on actual payment - Assessment year 1989-90 - Whether an assessee is entitled to claim deduction on account of excise duty paid in advance as business expenditure - Held, yes - Whether, therefore, revenue's objection that it was only on removal of goods that amount credited to personal ledger account could be claimed as deductible under section 43B, could not be accepted - Held, yes [In favour of assessee]
Section 43B, read with section 37(1), of the Income-tax Act, 1961 - Business disallowance - Certain deductions to be allowed only on actual payment - Assessment year 1989-90 - Whether an assessee is entitled to claim deduction on account of excise duty paid in advance as business expenditure - Held, yes - Whether, therefore, revenue's objection that it was only on removal of goods that amount credited to personal ledger account could be claimed as deductible under section 43B, could not be accepted - Held, yes [In favour of assessee]
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