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TMI BlogAllowance of deduction of excise duty from business income whereas duty is debited to PLA before actual removal of finished goods – Section 43BX X X X Extracts X X X X X X X X Extracts X X X X ..... Allowance of deduction of excise duty from business income whereas duty is debited to PLA before actual removal of finished goods – Section 43B - Commentaries / Editorials Dated:- 4-10-2007 - News - Decision by P H High Court ( 2007 -TMI - 1777 - High Court ,Punjab and Haryana ) Date of Decision - 01.02.2007 The issue: "Whether, on the facts and in the circumstances of the case, the Appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... late Tribunal was right in law in deleting the addition made under section 43B on account of advance excise duty paid which was neither debited to the profit and loss account nor sales account or made part of the purchase price ?" Decision: Once it is found as a fact by the Tribunal that duty as per the statutory provisions became payable, the moment, goods were manufactured then the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e was under obligation to deposit that much amount in the "account-current" and the amount so deposited, in the "account-current" being non refundable, there was no reason for the Revenue to deny the benefit of deduction in the year in question when the goods were manufactured and the amount was deposited in the "account-current". The expense would certainly relate to the year in which the goods w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere manufactured and the amount was deposited, which cannot possibly be treated as an advance. ( For full text of judgment visit - 2007 -TMI - 1777 - High Court ,Punjab and Haryana ) - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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