2007 (5) TMI 168

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....stion of law under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for the opinion of this court. "Whether, on the facts and circumstances of the Case, the Tribunal was justified in law in holding that a disallowance under section 43B of the Income-tax Act, 1961, of Rs. 2,16,007 should be made ?" 2 The reference relates to the assessment year 1986-87. 3 ....

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.... section 43B of the Act introduced from April 1, 1984, clearly provides that any duty realised, but not deposited in the Government treasury during the year will not be allowed as deduction and this section was introduced only to meet the contingencies such as, this one, i.e., the duty realised and not paid to the Government on the basis of stay order obtained from the court of law. 4 We have h....

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.... recorded by the Assessing Officer in paragraph 3 of the assessment order specifically mentions that on an examination of the account it was found that in the account of bank guarantee khata the assessee has credited a sum of Rs. 2,16,007 on account of excise duty realised by the asses- see from the customers and a sum of Rs. 2,50,042.38 have been debited in this account which is on account of pur....