Law:

Section:

Section 43B of the Income-tax Act, 1961 - Business disallowance - Certain deduction to be allowed only on actual payment Where assessee had realised a sum on account of excise duty from customers but did not deposit same in Government treasury and challenged his liability to pay excise duty before court and got a stay till disposal of writ petition, disallowance of assessee's claim for deduction of excise duty was justified [A.Y. 1986-87] The assessee had realised a sum on account of excise duty from the customers but did not deposit the same in the Government treasury and challenged his liability to pay excise duty before the court and got a stay till the disposal of the writ petition: Held that the excise duty, which the applicant had realised during the previous year, formed part of the trading receipt. The Assessing Officer had checked the account books for the assessment year 1986-87 and directed that as the amount of excise duty had not been paid over to the concerned Department, under section 43B deduction was not admissible at all. The disallowed of excise duty was to be upheld. Section 43B of the Income-tax Act, 1961 - Business disallowance - Certain deduction to be allowed only on actual payment Where assessee had realised a sum on account of excise duty from customers but did not deposit same in Government treasury and challenged his liability to pay excise duty before court and got a stay till disposal of writ petition, disallowance of assessee's claim for deduction of excise duty was justified The assessee had realised a sum on account of excise duty from the customers but did not deposit the same in the Government treasury and challenged his liability to pay excise duty before the court and got a stay till the disposal of the writ petition: Held that the excise duty, which the applicant had realised during the previous year, formed part of the trading receipt. The Assessing Officer had checked the account books for the assessment year 1986-87 and directed that as the amount of excise duty had not been paid over to the concerned Department, under section 43B deduction was not admissible at all. The disallowed of excise duty was to be upheld.…

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