2010 (12) TMI 933

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..... - Language used in the circular, referred to hereinabove clearly, makes out a case where such concession was available to the assessees and as such, deferred payment of sales tax would be deemed to be a loan which was paid subsequently and in that view of the matter, the deduction was held permissible. The arguments of the learned counsel that there is no such law and no amendment in the Sales Tax .....

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..... ng that the circular issued by the State Government will be sufficient to cover the case for deduction under section 43B of the Income-tax Act. 3. Learned counsel for the assessee drew the attention of the court to Circular No. 674, dated December 29, 1993 ([1994] 205 ITR (St.) 119) issued by the Central Board of Direct Taxes. This circular clearly enunciates that any deferment scheme, if it i .....

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