High Court Declines Petition on Section 40(a)(iib) Validity; VAT as "Charges" Under Income Tax Act Questioned.

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....Validity of Section 40(a)(iib) - Scope of the term "Charges" - Whether Value Added Tax (VAT) would be falling within the definition of a “charge” - petitioner Corporation contending that the amount which is deductible in computing the income chargeable in terms of the Income Tax Act is not being allowed under the garb of the aforesaid provision - as the matter is still sub judice before the Income Tax Authority, we are not inclined to entertain the writ petition - HC....