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TMI BlogSection 43BX X X X Extracts X X X X X X X X Extracts X X X X ..... Section 43B X X X X Extracts X X X X X X X X Extracts X X X X ..... lenged in the Hon'ble High Court by the buyers. On the instruction of the Hon'ble High Court, the same was being collected but not deposited. Since the issue was subjudice the non payment of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he local levy was not being disallowed u/s 43B of Income Tax Act. However during FY 15-16, the Hon'ble High Court direct to deposit the local levy. Now my query is whether the preexisting liabili ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty of the local levy not paid till 31.03.16 to be disallowed in the Tax Audit Report for FY 15-16. Say ₹ 200 was collected & only ₹ 140 could be paid upto 31.03.16 (Rs 60 not paid by the b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uyers who have challenged the levey). Whether ₹ 60 (Rs 200-140) to be disallowed as preexisting liability not paid. As far treatment of current year local levy collected & paid upto Return Fili ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Date is concerned, it is not an issue... Expecting an early reply.. Reply By Ganeshan Kalyani: The Reply: In my view of the outstanding iability as on 31st March is paid before filing of tax aud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it report the same shall be allowed. X X X X Extracts X X X X X X X X Extracts X X X X
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