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TMI Blog2007 (5) TMI 168X X X X Extracts X X X X X X X X Extracts X X X X ..... RU JJ. JUDGMENT 1. The Income-tax Appellate Tribunal, Delhi, has referred the following question of law under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for the opinion of this court. "Whether, on the facts and circumstances of the Case, the Tribunal was justified in law in holding that a disallowance under section 43B of the Income-tax Act, 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed came in appeal before the Tribunal. The Tribunal allowed the appeal of the Department by stating that section 43B of the Act introduced from April 1, 1984, clearly provides that any duty realised, but not deposited in the Government treasury during the year will not be allowed as deduction and this section was introduced only to meet the contingencies such as, this one, i.e., the duty realised ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ity or the first appellate authority or the Tribunal did not take this plea. On the other hand, the finding recorded by the Assessing Officer in paragraph 3 of the assessment order specifically mentions that on an examination of the account it was found that in the account of bank guarantee khata the assessee has credited a sum of Rs. 2,16,007 on account of excise duty realised by the asses- see f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e trading receipt. The Assessing Officer had checked the account books for the assessment year 1986-87 and directed that as the amount of excise duty has not been paid over to the concerned Department, under section 43B of the Act deduction was not admissible at all. 8. We, accordingly, answer the question referred to us in the affirmative, i.e., in favour of the Revenue and against the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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