https://www.taxtmi.com/caselaws?id=222092 The High Court interpreted Section 43B of the Income Tax Act, 1961, holding that if tax is collected and deposited after the accounting year's expiry but before the due date, the deduction cannot be disallowed. Relying on legal precedents, the Court ruled in favor of the assessee, citing that the tax deposited in early January 1984 for the assessment year 1984-1985 was allowable. The Court's decision aligned with previous judgments and favored the assessee over the revenue, with no costs awarded. en-us Wed, 20 Mar 2013 00:00:00 +0530 Sun, 14 Apr 2013 12:53:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=222092 The High Court interpreted Section 43B of the Income Tax Act, 1961, holding that if tax is collected and deposited after the accounting year's expiry but before the due date, the deduction cannot be disallowed. Relying on legal precedents, the Court ruled in favor of the assessee, citing that the tax deposited in early January 1984 for the assessment year 1984-1985 was allowable. The Court's decision aligned with previous judgments and favored the assessee over the revenue, with no costs awarded. Case-Laws Income Tax Wed, 20 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=222092