Delhi High Court: Sales tax liability converted to loan, assessee gets deduction under Income-tax Act The High Court of Delhi dismissed the appeal regarding sales tax liability converted into a loan in the assessment year 2003-04. The assessee is allowed ...
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Delhi High Court: Sales tax liability converted to loan, assessee gets deduction under Income-tax Act
The High Court of Delhi dismissed the appeal regarding sales tax liability converted into a loan in the assessment year 2003-04. The assessee is allowed the benefit and deduction under section 43B of the Income-tax Act, 1961 in the relevant year. The circular by the Central Board of Direct Taxes permits such set off when the liability is converted into a loan and the Government order is issued. No substantial question of law arises for consideration.
The High Court of Delhi dismissed the appeal regarding sales tax liability converted into a loan in the assessment year 2003-04. The assessee is allowed the benefit and deduction under section 43B of the Income-tax Act, 1961 in the relevant year. The circular by the Central Board of Direct Taxes permits such set off when the liability is converted into a loan and the Government order is issued. No substantial question of law arises for consideration.
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