2004 (12) TMI 34

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..... it has not been paid over to the Government - It is not in dispute that the collections made in the month of March are towards the statutory duty during the month of March, 1984, which was to be paid over to the Government in the month of April in accordance with the relevant statutory rules. The Board Circular No. 372 dated December 8, 1983, provides that in respect of the amounts which a collect .....

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..... 961?" The reference relates to the assessment year 1984-85. The respondent assessee is a registered firm. It had shown a sum of Rs. 13,543 as payable in sales tax and as well as duty account. The Income-tax Officer applying the provisions of section 43B of the Act disallowed the aforesaid amount on the ground that it has not been paid over to the Government. In appeal, the Appellate Assistant Com .....

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..... of the amounts which a collected in the month of March on the last date of the end of the financial year, i.e., March 31,1984, and has to be paid over in the next financial year, such amount cannot be disallowed under section 43B of the Act. It is well settled that the circular issued by the Central Board of Direct Taxes is binding on the authorities. In view of the aforesaid discussion, we answ .....

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