https://www.taxtmi.com/caselaws?id=360455 Under section 43B, unpaid sales tax covered by the West Bengal deferment scheme was not disallowed because the liability was converted into a deferred loan under the State scheme and CBDT circulars recognised such conversion as discharge; the claim was allowed. Unpaid interest to IDBI converted into a loan, however, was hit by Explanation 3C to section 43B, which deems interest so converted not to have been actually paid; the disallowance was upheld. The result was partial relief for the assessee, succeeding only on deferred sales tax and failing on converted interest. en-us Tue, 15 May 2018 00:00:00 +0530 Thu, 17 May 2018 05:56:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360455 Under section 43B, unpaid sales tax covered by the West Bengal deferment scheme was not disallowed because the liability was converted into a deferred loan under the State scheme and CBDT circulars recognised such conversion as discharge; the claim was allowed. Unpaid interest to IDBI converted into a loan, however, was hit by Explanation 3C to section 43B, which deems interest so converted not to have been actually paid; the disallowance was upheld. The result was partial relief for the assessee, succeeding only on deferred sales tax and failing on converted interest. Case-Laws Income Tax Tue, 15 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360455