https://www.taxtmi.com/caselaws?id=34804 The court ruled in favor of the assessee, holding that Circulars No.496 and 674 issued by the CBDT applied to the luxury tax deferral scheme under Section 43B of the Income Tax Act. The court emphasized the importance of following CBDT circulars and allowed deductions for taxes under deferral schemes in the year they were payable, even if not actually paid. The judgment favored the assessee, requiring evidence of eligibility under the deferral scheme to be provided to the Assessing Officer for further verification, and disposed of the appeal without costs. en-us Wed, 07 Oct 2009 00:00:00 +0530 Wed, 01 Sep 2010 15:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34804 The court ruled in favor of the assessee, holding that Circulars No.496 and 674 issued by the CBDT applied to the luxury tax deferral scheme under Section 43B of the Income Tax Act. The court emphasized the importance of following CBDT circulars and allowed deductions for taxes under deferral schemes in the year they were payable, even if not actually paid. The judgment favored the assessee, requiring evidence of eligibility under the deferral scheme to be provided to the Assessing Officer for further verification, and disposed of the appeal without costs. Case-Laws Income Tax Wed, 07 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34804