https://www.taxtmi.com/caselaws?id=330717 The High Court ruled in favor of the assessee against the Revenue on all issues concerning the interpretation of Section 43B of the Income Tax Act. The Court allowed the deduction for unpaid sales tax liability and excise duty included in the closing inventory, rejecting the Revenue's arguments of potential double deduction. The Court emphasized that actual payment, not inclusion in closing stock cost, is the criterion for deduction under Section 43B. The decision was based on previous case law and a thorough analysis of the relevant provisions, providing a favorable outcome for the assessee. en-us Mon, 18 Jul 2016 00:00:00 +0530 Thu, 04 Aug 2016 11:32:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330717 The High Court ruled in favor of the assessee against the Revenue on all issues concerning the interpretation of Section 43B of the Income Tax Act. The Court allowed the deduction for unpaid sales tax liability and excise duty included in the closing inventory, rejecting the Revenue's arguments of potential double deduction. The Court emphasized that actual payment, not inclusion in closing stock cost, is the criterion for deduction under Section 43B. The decision was based on previous case law and a thorough analysis of the relevant provisions, providing a favorable outcome for the assessee. Case-Laws Income Tax Mon, 18 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330717