https://www.taxtmi.com/caselaws?id=56224 The Tribunal held that the assessee could not claim deductions for excise duty liabilities for assessment years 1986-87 and 1987-88 under section 43B. It concluded that furnishing a bank guarantee did not constitute "actual payment" as required by the provision. The revenue's appeals were allowed, and the disallowances by the Assessing Officer were upheld, emphasizing that statutory liabilities must be paid timely to be recognized. en-us Tue, 13 Aug 2002 00:00:00 +0530 Thu, 02 Dec 2010 13:57:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56224 The Tribunal held that the assessee could not claim deductions for excise duty liabilities for assessment years 1986-87 and 1987-88 under section 43B. It concluded that furnishing a bank guarantee did not constitute "actual payment" as required by the provision. The revenue's appeals were allowed, and the disallowances by the Assessing Officer were upheld, emphasizing that statutory liabilities must be paid timely to be recognized. Case-Laws Income Tax Tue, 13 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56224