https://www.taxtmi.com/caselaws?id=118206 Deferred sales tax liability converted into an interest-free State Government loan under an applicable deferment scheme is treated as paid for section 43B purposes; the timing of conversion relative to the assessment year or return-filing due date does not warrant disallowance. For section 115JA MAT computation, regular income must first absorb all allowable deductions. Only unabsorbed business losses and allowances that remain eligible for carry-forward under the regular provisions may be carried forward; deemed book-profit taxation cannot enlarge that entitlement. The sales-tax issue favours the assessee, while the MAT carry-forward issue favours the Revenue. en-us Tue, 06 Jun 2006 00:00:00 +0530 Fri, 29 Jun 2012 12:09:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118206 Deferred sales tax liability converted into an interest-free State Government loan under an applicable deferment scheme is treated as paid for section 43B purposes; the timing of conversion relative to the assessment year or return-filing due date does not warrant disallowance. For section 115JA MAT computation, regular income must first absorb all allowable deductions. Only unabsorbed business losses and allowances that remain eligible for carry-forward under the regular provisions may be carried forward; deemed book-profit taxation cannot enlarge that entitlement. The sales-tax issue favours the assessee, while the MAT carry-forward issue favours the Revenue. Case-Laws Income Tax Tue, 06 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118206