https://www.taxtmi.com/caselaws?id=21471 The court ruled in favor of the assessee, holding that sales tax collected and paid within the time allowed under the relevant sales tax law should not be disallowed under section 43B of the Income-tax Act, 1961, when computing business income for the relevant previous year. The court interpreted the legislative history of section 43B, emphasizing that deductions are allowable on actual payment and that the proviso should be read harmoniously with Explanation 2 to achieve retrospective effect from April 1, 1984. The court referred to judicial precedents and highlighted the importance of interpreting statutes to align with legislative intent. en-us Fri, 22 Nov 1991 00:00:00 +0530 Tue, 24 Nov 2009 16:14:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21471 The court ruled in favor of the assessee, holding that sales tax collected and paid within the time allowed under the relevant sales tax law should not be disallowed under section 43B of the Income-tax Act, 1961, when computing business income for the relevant previous year. The court interpreted the legislative history of section 43B, emphasizing that deductions are allowable on actual payment and that the proviso should be read harmoniously with Explanation 2 to achieve retrospective effect from April 1, 1984. The court referred to judicial precedents and highlighted the importance of interpreting statutes to align with legislative intent. Case-Laws Income Tax Fri, 22 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21471