Section 43B

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....ection 43B<br> Query (Issue) Started By: - BHARAT COKING COAL LIMITED Dated:- 18-10-2016 Last Reply Date:- 18-10-2016 Income Tax<br>Got 1 Reply<br>Income Tax<br>A particular local levy was being chall....

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....enged in the Hon&#39;ble High Court by the buyers. On the instruction of the Hon&#39;ble High Court, the same was being collected but not deposited. Since the issue was subjudice the non payment of th....

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....e local levy was not being disallowed u/s 43B of Income Tax Act. However during FY 15-16, the Hon&#39;ble High Court direct to deposit the local levy. Now my query is whether the preexisting liabilit....

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....y of the local levy not paid till 31.03.16 to be disallowed in the Tax Audit Report for FY 15-16. Say &#8377; 200 was collected & only &#8377; 140 could be paid upto 31.03.16 (Rs 60 not paid by the bu....

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....yers who have challenged the levey). Whether &#8377; 60 (Rs 200-140) to be disallowed as preexisting liability not paid. As far treatment of current year local levy collected & paid upto Return Filin....

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....g Date is concerned, it is not an issue... Expecting an early reply.. Reply By Ganeshan Kalyani: The Reply: In my view of the outstanding iability as on 31st March is paid before filing of tax audi....

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....t report the same shall be allowed.<br> Discussion Forum - Knowledge Sharing ....