Clarification for sec 43b
This query is : Resolved
12 December 2012
MY CLIENT HAD PAID TAXES I.E VAT AND SERVICE TAX ON 26TH SEPT BY CHEQUE, THE BANK HAVE PUT STAMP ON THE CHALLANS AS CHALLAN AND CHQ RECD ON 26/09 AND ANOTHER RUBBER STAMP ON 03/10 AS DATE OF REALISATION
THE ITO INTENDS TO DISALLOW THE EXPENDITURE ON THE GROUNDS OF SECTION 43 B WHICH SAYS THAT CERTAIN PAYMENT CAN BE DEDUCED ON ACTUAL PAYMENT.
MY QUERY IS WETHER THE EXPENDITURE IS ALLLOWABLE AS EXPENSES OR NOT
AS THE PAYMENTS WERE MADE BY THE CHQ AND CBDT CIRCULAR 261 DT 8/8/1979 SPECIFY THAT PRESENTATION OF THE CHEQUE OR DRAFT TO THE BANK WILL BE THE DATE OF PAYMENT OF THE AMOUNT PROVIDED THE CHQ IS HONOURED.
ARE THERE ANY CASE LAWS PERTAINING TO THIS MATTER
WETHER MY ARGUMENT IS CORRECT
MY CLIENT HAD PAID TAXES I.E VAT AND SERVICE TAX ON 26TH SEPT BY CHEQUE, THE BANK HAVE PUT STAMP ON THE CHALLANS AS CHALLAN AND CHQ RECD ON 26/09 AND ANOTHER RUBBER STAMP ON 03/10 AS DATE OF REALISATION
THE ITO INTENDS TO DISALLOW THE EXPENDITURE ON THE GROUNDS OF SECTION 43 B WHICH SAYS THAT CERTAIN PAYMENT CAN BE DEDUCED ON ACTUAL PAYMENT.
MY QUERY IS WETHER THE EXPENDITURE IS ALLLOWABLE AS EXPENSES OR NOT
AS THE PAYMENTS WERE MADE BY THE CHQ AND CBDT CIRCULAR 261 DT 8/8/1979 SPECIFY THAT PRESENTATION OF THE CHEQUE OR DRAFT TO THE BANK WILL BE THE DATE OF PAYMENT OF THE AMOUNT PROVIDED THE CHQ IS HONOURED.
ARE THERE ANY CASE LAWS PERTAINING TO THIS MATTER
WETHER MY ARGUMENT IS CORRECT
13 December 2012
YES YOUR ARGUMENT IS CORRECT. THERE IS A JUDGEMENT OF SUPREME COURT IN THIS RESPECT.
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15 December 2012
1ST OF ALL LET ME THANK U AND ALSO LIKE TO HAVE THE JUDGEMENT IN THIS RESPECT
IF IT IS POSSIBLE
IF IT IS POSSIBLE
16 December 2012
SECTION 10 AND 82 OF THE NEGOTIABLE INSTRUMENT ACT.
100 ITD 485
100 ITD 485
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