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TMI Blog2003 (3) TMI 45X X X X Extracts X X X X X X X X Extracts X X X X ..... verted into loan as required under Circular dated December 29, 1993, that amount is hit by the provisions of section 43B of the Act. He submits that in this case the amount of sales tax collected has not been converted into loan as required under the Circular dated December 29, 1993, therefore, the Tribunal has committed an error in allowing the deduction contrary to the circular and the provision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or payment of collected sales tax to the Government having been deferred under the said scheme, is allowable under section 43B in spite of the fact that there was no amendment in the Sales Tax Act to the effect that the sales tax deferred under the scheme shall be treated as actually paid as provided in the Central Board of Direct Taxes Circular No. 496, dated September 25, 1987 ? (ii) Whether, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cted the sales tax but not paid to the State Government within the accounting period or before filing of the return of income. The Assessing Officer has invoked the provisions of section 43B and added the amount of Rs. 2,34,845 in the assessment year 1989-90, i.e., the assessment year in hand. The assessee carried the matter before the Commissioner of Income-tax (Appeals). The Commissioner of In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of section 43B, the addition under section 43B should be made. Admittedly, no such amendment has been made in the Sales Tax Act by the State Government. He further submits that in the Central Board of Direct Taxes Circular No. 674, dated December 29, 1993, if the sales tax liability of the sales tax collected has not been paid actually nor that liability has been converted into loan as required ..... X X X X Extracts X X X X X X X X Extracts X X X X
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