https://www.taxtmi.com/caselaws?id=244485 The High Court allowed the appeal, upholding the deduction claim by the assessee for excise duty payment made after the introduction of Section 43B. The Court held that Section 43B does not bar deductions for expenses not accounted for in earlier years, contrary to the Tribunal's decision. Emphasizing statutory interpretation and factual circumstances, the Court set aside the Tribunal's order and restored the deduction claim, distinguishing the case from previous judgments and affirming the application of the mercantile system of accounting for eligibility of deductions. en-us Mon, 03 Feb 2014 00:00:00 +0530 Tue, 15 Jun 2021 17:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244485 The High Court allowed the appeal, upholding the deduction claim by the assessee for excise duty payment made after the introduction of Section 43B. The Court held that Section 43B does not bar deductions for expenses not accounted for in earlier years, contrary to the Tribunal's decision. Emphasizing statutory interpretation and factual circumstances, the Court set aside the Tribunal's order and restored the deduction claim, distinguishing the case from previous judgments and affirming the application of the mercantile system of accounting for eligibility of deductions. Case-Laws Income Tax Mon, 03 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244485