https://www.taxtmi.com/caselaws?id=376622 The Tribunal allowed the appeal of the assessee regarding the denial of expenditure on account of Local Body Tax (LBT) under section 43B of the Income Tax Act. The Tribunal held that the assessee was entitled to claim the expenditure of Rs. 43,73,913 under section 43B, emphasizing that deductions should be allowed in the year of payment, irrespective of whether the amount was debited in the preceding year. The Tribunal distinguished the case cited by the authorities and ruled in favor of the assessee, pronouncing the order on March 11, 2019. en-us Mon, 11 Mar 2019 00:00:00 +0530 Wed, 13 Mar 2019 09:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376622 The Tribunal allowed the appeal of the assessee regarding the denial of expenditure on account of Local Body Tax (LBT) under section 43B of the Income Tax Act. The Tribunal held that the assessee was entitled to claim the expenditure of Rs. 43,73,913 under section 43B, emphasizing that deductions should be allowed in the year of payment, irrespective of whether the amount was debited in the preceding year. The Tribunal distinguished the case cited by the authorities and ruled in favor of the assessee, pronouncing the order on March 11, 2019. Case-Laws Income Tax Mon, 11 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376622