TaxTMI 
TaxTMI 
2013 (2) TMI 530
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....t of the remaining, Rs. 56,57,540 was from sale of off-grade HC ferro chrome which had been produced during the conversion process. The assessee has debited to the profit and loss account a sum of Rs. 1,67,10,388 towards "power consumed". The said expenditure has been included under the head of "manufacturing and other expenditure". On being asked to furnish complete particulars in respect of the said expenditure and also the copies of demands raised by the Andhra Pradesh Electricity Board (for short "the APSEB") as well as the details of payments made in pursuance thereof, the assessee complied the same. On scrutiny, it was found by the Revenue that though the demand made by the APSEB was Rs. 1,67,10,388, the assessee had paid only a sum o....
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....ls), Visakhapatnam (for short "the CIT"). However, the Commissioner of Income-tax dismissed the appeal confirming the order of the Assessing Officer. Assailing the same, the assessee preferred appeal in I. T. A. No. 1780/Hyd/94 before the Income-tax Appellate Tribunal, Hyderabad (for short "the Tribunal") and the Tribunal by order dated January 30, 1995, allowed the appeal holding that the Assessing Officer was not justified in making the addition in terms of disallowance under section 43B of the Act and set aside the order of the Commissioner of Income-tax deleting the addition of Rs. 52,23,790 made by the Assessing Officer. 3. The Tribunal on application of the Revenue under section 256(1) of the Act, referred the following questions sta....
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....t basis as per the provisions of section 43B of the Act, and since the assessee has not paid the amount of Rs. 52,23,790 to the APSEB within the statutory time limit, the same has been disallowed and added back to the assessee's income. 5. The learned counsel for the respondent-assessee submits that the assessee is a private limited company. It follows mercantile system of accounting. As per the agreement entered into with the APSEB, the assessee was placed under category I for the purpose of payment of electricity charges. Later, contrary to the agreement, the APSEB charged the rate applicable to category III and raised a higher demand. Then the assessee filed a writ petition before this court challenging the action of the APSEB and this ....
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....able by the assessee as interest on any loan or advances from a scheduled bank in accordance with the terms and conditions of the agreement governing such loan or advances, or (f) any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee,shall be allowed (irrespective of the previous year in which the liability to pay such sum was incurred by the assessee according to the method of accounting regularly employed by him) only in computing the income referred to in section 28 of that previous year in which such sum is actually paid by him : Provided that nothing contained in this section shall apply in relation to any sum which is actually paid by the assessee on or before the due date appl....