https://www.taxtmi.com/caselaws?id=30145 A State sales tax deferment scheme, issued under statutory authority and supported by a deeming notification, treated deferred sales tax as paid once the liability was converted into a loan. The Court accepted that this arrangement satisfied the substance of Section 43B, and the later amendment was treated as clarificatory. Circular No. 674 was relied on to support the view that such government orders and loan conversion meet the payment requirement even without a direct amendment deeming actual payment. The earlier authority was distinguished on the basis that the statutory amendment and conversion into loan were both established here, so the assessee was entitled to deduction. en-us Tue, 13 May 2008 00:00:00 +0530 Sat, 09 Aug 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30145 A State sales tax deferment scheme, issued under statutory authority and supported by a deeming notification, treated deferred sales tax as paid once the liability was converted into a loan. The Court accepted that this arrangement satisfied the substance of Section 43B, and the later amendment was treated as clarificatory. Circular No. 674 was relied on to support the view that such government orders and loan conversion meet the payment requirement even without a direct amendment deeming actual payment. The earlier authority was distinguished on the basis that the statutory amendment and conversion into loan were both established here, so the assessee was entitled to deduction. Case-Laws Income Tax Tue, 13 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30145