https://www.taxtmi.com/caselaws?id=422867 The Tribunal allowed the appeal, ruling in favor of the assessee by reversing the CIT(A)'s decision to disallow sales tax under section 43B of the Income Tax Act. The Tribunal emphasized that since the sales tax amount was not claimed as an expenditure in the profit and loss account but was listed as a current liability in the balance sheet, no disallowance could be made under section 43B. It highlighted that the liability for outstanding GST and related penalties is governed by the Goods and Services Tax Act, ultimately leading to the deletion of the disallowance under section 43B. en-us Tue, 26 Apr 2022 00:00:00 +0530 Tue, 24 May 2022 08:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422867 The Tribunal allowed the appeal, ruling in favor of the assessee by reversing the CIT(A)'s decision to disallow sales tax under section 43B of the Income Tax Act. The Tribunal emphasized that since the sales tax amount was not claimed as an expenditure in the profit and loss account but was listed as a current liability in the balance sheet, no disallowance could be made under section 43B. It highlighted that the liability for outstanding GST and related penalties is governed by the Goods and Services Tax Act, ultimately leading to the deletion of the disallowance under section 43B. Case-Laws Income Tax Tue, 26 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422867