1992 (7) TMI 44 - HC - Income Tax

Summary

The High Court of Calcutta ruled in a case involving the interpretation of section 43B of the Income-tax Act, 1961 for the assessment year 1986-87. The court held that the first proviso to section 43B introduced in 1987 would apply to the assessment year 1986-87. The court also ruled in favor of the assessee regarding the disallowance made under section 43B for sales tax liability not paid within the relevant accounting period. The decision was based on a previous ruling in CIT v. Sri Jagannath Steel Corporation [1991] 191 ITR 676.