https://www.taxtmi.com/caselaws?id=121350 Section 43B allows deduction only on actual payment, so excise duty deposited through the Personal Ledger Account was treated as discharged and deductible, while interest liability settled by issue of shares did not constitute actual payment and was not allowable. Prior-period expenses remained deductible where the liability crystallised during the relevant year, even if the expenditure related to an earlier period. For amalgamation, unabsorbed investment allowance could be carried forward and set off by the amalgamated company under the specific investment allowance provision, subject to statutory conditions, rather than being confined by the general amalgamation rule. en-us Fri, 26 Jun 2009 00:00:00 +0530 Wed, 04 Oct 2023 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121350 Section 43B allows deduction only on actual payment, so excise duty deposited through the Personal Ledger Account was treated as discharged and deductible, while interest liability settled by issue of shares did not constitute actual payment and was not allowable. Prior-period expenses remained deductible where the liability crystallised during the relevant year, even if the expenditure related to an earlier period. For amalgamation, unabsorbed investment allowance could be carried forward and set off by the amalgamated company under the specific investment allowance provision, subject to statutory conditions, rather than being confined by the general amalgamation rule. Case-Laws Income Tax Fri, 26 Jun 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121350