https://www.taxtmi.com/caselaws?id=56151 Excise duty collected from customers by a processor was treated as part of trading receipts, because the levy attached to manufacture and the collection was only a business mode of recovery; the plea of agency or overriding title was rejected. Section 43B barred deduction until actual payment, so an accrued excise liability could not be claimed merely on the basis of bank guarantees backed by fixed deposits, since that did not amount to immediate discharge to the Government. The assessee's claim failed on both issues and the addition was sustained. en-us Wed, 18 Oct 1995 00:00:00 +0530 Wed, 01 Dec 2010 19:00:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56151 Excise duty collected from customers by a processor was treated as part of trading receipts, because the levy attached to manufacture and the collection was only a business mode of recovery; the plea of agency or overriding title was rejected. Section 43B barred deduction until actual payment, so an accrued excise liability could not be claimed merely on the basis of bank guarantees backed by fixed deposits, since that did not amount to immediate discharge to the Government. The assessee's claim failed on both issues and the addition was sustained. Case-Laws Income Tax Wed, 18 Oct 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56151