https://www.taxtmi.com/caselaws?id=31388 The High Court held that the amount paid by the assessee towards sales tax for the next financial year was not allowable as a deduction under Section 37(1) read with Section 145 of the Income Tax Act. The Court emphasized that deductions under Section 43B are only allowed on actual payments made before the due date, and such payments cannot be claimed for liabilities of the next financial year. The Assessing Officer's disallowance of the claim and computation of tax liability under Section 143(1)(a) was deemed justified, overturning the Tribunal's decision to allow the claim. en-us Mon, 04 Feb 2008 00:00:00 +0530 Sat, 08 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31388 The High Court held that the amount paid by the assessee towards sales tax for the next financial year was not allowable as a deduction under Section 37(1) read with Section 145 of the Income Tax Act. The Court emphasized that deductions under Section 43B are only allowed on actual payments made before the due date, and such payments cannot be claimed for liabilities of the next financial year. The Assessing Officer's disallowance of the claim and computation of tax liability under Section 143(1)(a) was deemed justified, overturning the Tribunal's decision to allow the claim. Case-Laws Income Tax Mon, 04 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31388