https://www.taxtmi.com/caselaws?id=161295 The Court affirmed the Tribunal's decision in favor of the assessee, allowing the deduction under section 43B of the Income-tax Act, 1961. The Court emphasized the legal fiction of deemed payment through adjustment under the Bombay Sales Tax Rules, concluding that the amount, though not physically paid, qualified as a deductible tax liability. The judgment highlighted the legislative intent behind section 43B, supporting deductions based on actual payment or liability incurrence. The Court rejected arguments against the deduction, ultimately upholding the benefit provided under the Sales Tax Rules and ruling in favor of the assessee. en-us Wed, 15 Jan 2003 00:00:00 +0530 Mon, 13 Jan 2014 17:59:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=161295 The Court affirmed the Tribunal's decision in favor of the assessee, allowing the deduction under section 43B of the Income-tax Act, 1961. The Court emphasized the legal fiction of deemed payment through adjustment under the Bombay Sales Tax Rules, concluding that the amount, though not physically paid, qualified as a deductible tax liability. The judgment highlighted the legislative intent behind section 43B, supporting deductions based on actual payment or liability incurrence. The Court rejected arguments against the deduction, ultimately upholding the benefit provided under the Sales Tax Rules and ruling in favor of the assessee. Case-Laws VAT and Sales Tax Wed, 15 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=161295