https://www.taxtmi.com/caselaws?id=391932 Section 43B allows deduction only for tax, duty, cess or fee actually paid by the assessee as its own statutory liability. Unutilised MODVAT credit representing excise duty paid by suppliers on inputs did not amount to actual payment by the assessee, and the proviso did not apply because the excise liability on finished goods arose later. The amount kept in a sales tax recoverable account was likewise not irretrievably paid as tax payable by the assessee, since it was available for set-off against future liability. Both amounts were held not deductible under section 43B, and the disallowances were upheld against the assessee. en-us Fri, 07 Feb 2020 00:00:00 +0530 Mon, 09 Nov 2020 18:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391932 Section 43B allows deduction only for tax, duty, cess or fee actually paid by the assessee as its own statutory liability. Unutilised MODVAT credit representing excise duty paid by suppliers on inputs did not amount to actual payment by the assessee, and the proviso did not apply because the excise liability on finished goods arose later. The amount kept in a sales tax recoverable account was likewise not irretrievably paid as tax payable by the assessee, since it was available for set-off against future liability. Both amounts were held not deductible under section 43B, and the disallowances were upheld against the assessee. Case-Laws Income Tax Fri, 07 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391932