https://www.taxtmi.com/caselaws?id=431574 The Tribunal dismissed the Revenue's appeal, upholding the deletion of the addition of Rs.1,79,91,058/- made by the AO under section 43B. The Tribunal ruled that service tax collected but not paid was not considered as income of the assessee, citing established case laws. It was held that service tax liabilities are not subject to section 43B. Penalty proceedings under section 271(1)(c) were deemed unwarranted as the service tax collected was not treated as income or an expense in the Profit & Loss account, being a liability to be paid to the Government. en-us Wed, 14 Dec 2022 00:00:00 +0530 Thu, 15 Dec 2022 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431574 The Tribunal dismissed the Revenue's appeal, upholding the deletion of the addition of Rs.1,79,91,058/- made by the AO under section 43B. The Tribunal ruled that service tax collected but not paid was not considered as income of the assessee, citing established case laws. It was held that service tax liabilities are not subject to section 43B. Penalty proceedings under section 271(1)(c) were deemed unwarranted as the service tax collected was not treated as income or an expense in the Profit & Loss account, being a liability to be paid to the Government. Case-Laws Income Tax Wed, 14 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431574