2003 (5) TMI 53 - HC - Income Tax

1. Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in upholding the Commissioner of Income-tax (Appeals) decision ignoring the fact that the Central sales tax and State sales tax collected by the assessee in the course of its business form part of the trading or business receipt? - we are satisfied that section 43B of the Income-tax Act is not attracted at all when the assessee has not claimed any deduction of the amounts collected by it as the Central sales tax and the State sales tax.

Summary

The High Court of Gauhati ruled that Section 43B of the Income-tax Act did not apply as the assessee did not claim deduction for Central and State sales tax collected. The appeal was disposed of accordingly.