2013 (9) TMI 1168

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....Nikhil Pathak ORDER PER G. S. PANNU, AM This appeal by the Revenue is directed against an order of the Commissioner of Income Tax (Appeals)-II, Pune dated 26.04.2012 which, in turn, has arisen from an order dated 19.12.2011 passed by the Assessing Officer, under Section 143(3) read with Section 254 of the Income-tax Act, 1961 (in short "the Act"), pertaining to the assessment year 2004-05....

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....al deposit of the sales tax to the State Exchequer after a certain prescribed period. Subsequently, the Government of Maharashtra announced a scheme whereby the future liability of payment of the deferred amount of sales tax was allowed to be repaid at a discounted price calculated at the net present value. The assessee had a total liability of Rs. 2,11,99,794/- and when it chose to avail the sche....

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....(supra) and that such decision continues to hold the field and has not been altered by any higher authority. Therefore, having regard to the decision of the Special Bench of the Tribunal in the case of Sulzer India Ltd. (supra) it has to be deemed that deferred sales tax liability being the difference between the payment at net present value against the future liability of the assessee arising as ....