https://www.taxtmi.com/caselaws?id=398213 The Court upheld the order of assessment under Section 43B of the Income-Tax Act, 1961, disallowing the deduction of Security Transaction Tax (STT) due to non-deposit with authorities. Relying on precedents, the Court affirmed the constitutional validity of Section 43B, emphasizing its role in ensuring actual payment of statutory liabilities. The petitioner's reliance on the mercantile accounting system and failure to deposit the STT amount did not warrant interference with the assessment order. The Court dismissed the writ petition, finding no merit in the petitioner's arguments. en-us Wed, 02 Sep 2020 00:00:00 +0530 Fri, 13 Aug 2021 13:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398213 The Court upheld the order of assessment under Section 43B of the Income-Tax Act, 1961, disallowing the deduction of Security Transaction Tax (STT) due to non-deposit with authorities. Relying on precedents, the Court affirmed the constitutional validity of Section 43B, emphasizing its role in ensuring actual payment of statutory liabilities. The petitioner's reliance on the mercantile accounting system and failure to deposit the STT amount did not warrant interference with the assessment order. The Court dismissed the writ petition, finding no merit in the petitioner's arguments. Case-Laws Income Tax Wed, 02 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398213