https://www.taxtmi.com/caselaws?id=12956 The High Court of Calcutta ruled in favor of the Revenue, overturning the Tribunal's decisions that had favored the assessee in cases concerning the interpretation of section 43B of the Income Tax Act, 1961 for the assessment years 1986-87 and 1987-88. The Court held that the assessee's accounting practices, which sought to deduct only a portion of excise duty paid and allocate the remaining amount to closing stock, were not permissible under the law. The judgment emphasized the importance of adhering to statutory provisions without attempting to manipulate deductions for tax benefits. en-us Wed, 06 Feb 2002 00:00:00 +0530 Mon, 25 May 2009 15:31:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12956 The High Court of Calcutta ruled in favor of the Revenue, overturning the Tribunal's decisions that had favored the assessee in cases concerning the interpretation of section 43B of the Income Tax Act, 1961 for the assessment years 1986-87 and 1987-88. The Court held that the assessee's accounting practices, which sought to deduct only a portion of excise duty paid and allocate the remaining amount to closing stock, were not permissible under the law. The judgment emphasized the importance of adhering to statutory provisions without attempting to manipulate deductions for tax benefits. Case-Laws Income Tax Wed, 06 Feb 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12956