2015 (1) TMI 470

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.... : SRI S.R. ASHOK, SC FOR INCOME TAX JUDGEMENT Per: L Narasimha Reddy: The question that arises for consideration in this appeal is referable to Section 43B of the Income Tax Act, 1961 (for short the Act). The appellant is an industry running jute mill. It was extended the benefit of the Sales Tax Deferment under the Sales Tax Deferment Scheme (for short the Scheme) for a period of six years i....

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....e appeal was allowed. The Department carried the matter in further appeal to the Income Tax Appellate Tribunal, Visakhapatnam, by filing I.T.A.No.531/Vizag/98. The appeal was allowed through order dated 04.09.2003. Hence, this further appeal by the assessee under Section 260A of the Act. Heard Smt. K. Neeraja, learned counsel for the appellant and Sri S.R.Ashok, learned counsel for the respondent....

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....thout interest. For all practical purposes, the assessee in such cases would be holding the amount. Neither it can be treated as income nor does it become liable to be taxed in any other manner. It represents an expenditure deemed to have been incurred. It is a different matter that if it emerges that the corresponding amount is not remitted at the end of the sixth year, it can, certainly, be trea....