https://www.taxtmi.com/caselaws?id=765283 The Tribunal allowed the appeal, determining that the disallowance of Rs. 3,55,01,693/- under Section 43B of the Income Tax Act was not justified. The Tribunal found that the Goods and Services Tax (GST) payable was not claimed as a deduction in the Profit and Loss account, aligning with precedents that Section 43B does not apply in such cases. The Tribunal directed the deletion of the disallowance, reversing the CIT(A)'s findings, and emphasized the necessity of aligning tax adjustments with actual financial practices. en-us Mon, 27 Jan 2025 00:00:00 +0530 Wed, 29 Jan 2025 09:00:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765283 The Tribunal allowed the appeal, determining that the disallowance of Rs. 3,55,01,693/- under Section 43B of the Income Tax Act was not justified. The Tribunal found that the Goods and Services Tax (GST) payable was not claimed as a deduction in the Profit and Loss account, aligning with precedents that Section 43B does not apply in such cases. The Tribunal directed the deletion of the disallowance, reversing the CIT(A)'s findings, and emphasized the necessity of aligning tax adjustments with actual financial practices. Case-Laws Income Tax Mon, 27 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765283