https://www.taxtmi.com/caselaws?id=352321 Section 43B allows deduction only where the assessee has actually paid its own tax, duty, cess or fee liability. Excise duty deposited in a personal ledger account against an incurred liability on manufactured stock is treated as deductible. Unutilised MODVAT credit and sales-tax recoverable balances, recorded as current assets or contractual payments, are not deductible; earlier-year credit adjusted during the relevant year may qualify subject to verification. Raw-material consumption need not be remanded where technical workings and excise-settlement material already establish the methodology, and absence of a separate stock register alone does not justify rejecting books where other records and physical verification exist. Abandoned application-software expenditure may be revenue outlay where it creates no enduring capital asset. 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 where the assessee has actually paid its own tax, duty, cess or fee liability. Excise duty deposited in a personal ledger account against an incurred liability on manufactured stock is treated as deductible. Unutilised MODVAT credit and sales-tax recoverable balances, recorded as current assets or contractual payments, are not deductible; earlier-year credit adjusted during the relevant year may qualify subject to verification. Raw-material consumption need not be remanded where technical workings and excise-settlement material already establish the methodology, and absence of a separate stock register alone does not justify rejecting books where other records and physical verification exist. Abandoned application-software expenditure may be revenue outlay where it creates no enduring capital asset. Case-Laws Income Tax Thu, 07 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352321