https://www.taxtmi.com/caselaws?id=352321 Section 43B allows deduction only for actual payment of an assessee's own statutory liability. On that basis, the excise personal ledger balance was treated as deductible because it represented duty already deposited against an incurred excise liability. Unutilised MODVAT credit and sales tax recoverable balances were not deductible as mere credit balances or contractual adjustments, although earlier-year credit adjusted in the year could qualify subject to verification. The article also notes that remand on raw-material consumption was unnecessary where technical working and excise settlement were already on record, rejection of books was unjustified without more, and software expenditure on abandoned application software was revenue in nature. en-us Thu, 07 Dec 2017 00:00:00 +0530 Wed, 29 Aug 2018 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352321 Section 43B allows deduction only for actual payment of an assessee's own statutory liability. On that basis, the excise personal ledger balance was treated as deductible because it represented duty already deposited against an incurred excise liability. Unutilised MODVAT credit and sales tax recoverable balances were not deductible as mere credit balances or contractual adjustments, although earlier-year credit adjusted in the year could qualify subject to verification. The article also notes that remand on raw-material consumption was unnecessary where technical working and excise settlement were already on record, rejection of books was unjustified without more, and software expenditure on abandoned application software was revenue in nature. Case-Laws Income Tax Thu, 07 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352321