https://www.taxtmi.com/caselaws?id=264386 The Tribunal upheld the decision to allow the deduction of excise duty paid under protest as a business expenditure under Sections 37 and 43B. The Court emphasized that the actual payment was made by the assessee, satisfying the legal requirements, despite the absence of a demand notice from the Department. The Revenue's argument that the payment was not reflected in the profit and loss account but shown as an advance receivable in the balance sheet was dismissed, as the Tribunal deemed the payment valid for deduction. The tax case appeal was ultimately dismissed, affirming the Tribunal's ruling in favor of the assessee. en-us Mon, 07 Sep 2015 00:00:00 +0530 Thu, 24 Sep 2015 09:55:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264386 The Tribunal upheld the decision to allow the deduction of excise duty paid under protest as a business expenditure under Sections 37 and 43B. The Court emphasized that the actual payment was made by the assessee, satisfying the legal requirements, despite the absence of a demand notice from the Department. The Revenue's argument that the payment was not reflected in the profit and loss account but shown as an advance receivable in the balance sheet was dismissed, as the Tribunal deemed the payment valid for deduction. The tax case appeal was ultimately dismissed, affirming the Tribunal's ruling in favor of the assessee. Case-Laws Income Tax Mon, 07 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264386