2013 (8) TMI 1095 - HC - Income Tax

Summary

The High Court of Delhi dismissed the appeal regarding sales tax liability converted into a loan in the assessment year 2003-04. The assessee is allowed the benefit and deduction under section 43B of the Income-tax Act, 1961 in the relevant year. The circular by the Central Board of Direct Taxes permits such set off when the liability is converted into a loan and the Government order is issued. No substantial question of law arises for consideration.