1991 (9) TMI 13

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....he Income-tax Act, 1961, for the assessment year 1984-85, the following question of law has been referred to this court : "Whether, on the facts and in the circumstances of the case and on a proper interpretation of the provisions of section 43B of the Incometax Act, 1961, read with Explanation 2 thereof which was made effective from April 1, 1984, the Tribunal was correct in law in holding tha....

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....he previous year in respect of the head office and the branch offices. The assessee carried the matter in appeal before the Commissioner of Income-tax (Appeals) and argued that the sales tax collections and payment thereof were not part of the assessee's profit and loss account since a separate sales tax account was maintained in the books of account and the unpaid balances were taken to the ne....

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....at the Commissioner of Income-tax (Appeals) was not justified in deleting the addition made by the Assessing Officer in view of Explanation 2 to section 43B of the Income-tax Act, 1961, inserted by the Finance Act, 1989, with retrospective effect from April 1, 1984. It was argued that the aforesaid Explanation has statutory force and, in view of the above, the order of the Commissioner of Income-t....

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....elate to the last quarter of the year due to which no payment could be made before the end of the accounting year. The Tribunal also found from the paper book filed by the assessee's counsel that sales tax was paid on various dates in July and the first week of August, 1983. It was also not disputed that the payments were made within the statutory due dates as per the Sales Tax Acts of the various....