| Citation(s) |
|---|
| 2002 SLG 2422 2002 SLD 2422 (2002) 255 ITR 117 (2005) 88 TAX 16 |
Supreme Court of India
Civil Appeal Nos. 7332 of 2000, 1223 of 2001, decided on 16-08-2001. [On appeal from the judgment and order dated 25-05-2000 of the Allahabad High Court in C.M.W.P. No. 979 of 1995.]
S.P. BHARUCHA, Y.K. SABHARWAL AND BRIJESH KUMAR, JJ
B.B. Ahuja, Senior Advocate, Pritesh Kapur and Ms. Sushma Suri, Advocates, for the Appellants. Santosh K. Agarwal, Advocate, for the
Respondent
Civil Appeal Nos. 7332 of 2000, 1223 of 2001, decided on 16-08-2001. [On appeal from the judgment and order dated 25-05-2000 of the Allahabad High Court in C.M.W.P. No. 979 of 1995.]
S.P. BHARUCHA, Y.K. SABHARWAL AND BRIJESH KUMAR, JJ
B.B. Ahuja, Senior Advocate, Pritesh Kapur and Ms. Sushma Suri, Advocates, for the Appellants. Santosh K. Agarwal, Advocate, for the
Respondent
COMMISSIONER OF Income Tax AND ANOTHER
VS
AMRIT BANASPATI CO. LTD
Law:
Section:
Section 43B of the Income-tax Act, 1961, read with section 7C of the Companies (Profits) Surtax Act, 1964 - Business disallowance - Certain deductions to be allowed only on actual payment - Assessment year 1987-88 - While computing chargeable profits for purpose of determining advance surtax payable by it, assessee had deducted unpaid sales-tax which was not due for payment - Department held that sales-tax was not deductible under section 43B and levied interest on resultant deficient surtax - Whether no disallowance could be made on such sales tax since it was paid by assessee before due date of filing return and since proviso to section 43B as amended by the Finance Act, 1987, with effect from 1-4-1988, had been held to be…
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