https://www.taxtmi.com/caselaws?id=52674 A Haryana sales tax deferment scheme under Section 25A and Rule 28C was treated as a deferred liability rather than a simple sales tax exemption. Because the assessee retained an amount equivalent to part of the tax as capital subsidy under the scheme, the amount remained legally payable for excise valuation purposes and was deductible from assessable value as sales tax actually payable. The analysis also noted that the relevant board circular supported deduction based on entitlement under local law, not the form of book adjustment. On this reasoning, the demand and penalty were unsustainable and the appeal succeeded. en-us Fri, 16 Jan 2004 00:00:00 +0530 Thu, 27 Jun 2024 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=52674 A Haryana sales tax deferment scheme under Section 25A and Rule 28C was treated as a deferred liability rather than a simple sales tax exemption. Because the assessee retained an amount equivalent to part of the tax as capital subsidy under the scheme, the amount remained legally payable for excise valuation purposes and was deductible from assessable value as sales tax actually payable. The analysis also noted that the relevant board circular supported deduction based on entitlement under local law, not the form of book adjustment. On this reasoning, the demand and penalty were unsustainable and the appeal succeeded. Case-Laws Central Excise Fri, 16 Jan 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=52674