https://www.taxtmi.com/caselaws?id=209301 The High Court upheld the validity of the circular issued by the State of Bihar allowing for the deferred payment of sales tax to be deducted under section 43B of the Income-tax Act. The court found that the language of the circular clearly indicated the availability of concessions to the assessees, likening the deferred tax payment to a loan that could be deducted later. The court dismissed the appeals, affirming that compliance with State law and circulars from the Central Board of Direct Taxes sufficed for the deduction, ultimately ruling in favor of the assessees. en-us Thu, 23 Dec 2010 00:00:00 +0530 Wed, 24 Jul 2013 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209301 The High Court upheld the validity of the circular issued by the State of Bihar allowing for the deferred payment of sales tax to be deducted under section 43B of the Income-tax Act. The court found that the language of the circular clearly indicated the availability of concessions to the assessees, likening the deferred tax payment to a loan that could be deducted later. The court dismissed the appeals, affirming that compliance with State law and circulars from the Central Board of Direct Taxes sufficed for the deduction, ultimately ruling in favor of the assessees. Case-Laws Income Tax Thu, 23 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209301