| |
| The Tax Publishers2021 TaxPub(DT) 2646 (Sur-Trib) INCOME TAX ACT, 1961
Section 37(1)
Assessee filed copy of the order of Customs and Central Excise, Settlement Commission dated 15-4-2004, wherein assessee was directed to pay the liability of Rs. 29,36,234 within 30 days from the receipt of order. Thus, it could not be said that liability was not created during the relevant financial year. Hence, disallowance was not justified.
|
Business expenditure - Excise duty - Crystallization of liability during concerned year -
Assessee claimed deduction of excise duty paid by it. Liability was not crystalized during the year under consideration, thus, assessee was not eligible for deduction on account of payment of excise duty and interest thereon. Held: Assessee filed copy of the order of Customs and Central Excise, Settlement Commission dated 15-4-2004, wherein assessee was directed to pay the liability of Rs. 29,36,234 within 30 days from the receipt of order. Thus, it could not be said that liability was not created during the relevant financial year. Hence, disallowance was not justified.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2005-06
INCOME TAX ACT, 1961
Section 32(1)
 SUBSCRIBE FOR FULL CONTENT
|