https://www.taxtmi.com/caselaws?id=66232 Advance payment of countervailing excise duty for importing liquor was not deductible under section 43B in the year of payment because the liability had not yet accrued and the amount was linked to stock-in-trade to be received later. The payment was treated as a prepaid expenditure made to obtain the import permit, while deduction was allowed only when the related goods entered the trading account and the outlay could be matched with the relevant stock. The claim for deduction in the year of advance payment was therefore rejected, and the issue was answered against the assessee. en-us Fri, 14 Nov 2003 00:00:00 +0530 Mon, 05 Aug 2024 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66232 Advance payment of countervailing excise duty for importing liquor was not deductible under section 43B in the year of payment because the liability had not yet accrued and the amount was linked to stock-in-trade to be received later. The payment was treated as a prepaid expenditure made to obtain the import permit, while deduction was allowed only when the related goods entered the trading account and the outlay could be matched with the relevant stock. The claim for deduction in the year of advance payment was therefore rejected, and the issue was answered against the assessee. Case-Laws Income Tax Fri, 14 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66232