15 September 2015
After posting my querry I laid my hands on Delhi Tribunal Judgement in the case of Baljeet Singh, New Delhi vs Department Of Income Tax delivered on 6 May, 2015. Tribunal decided that the conversion charges are not tax, duty, cess and fee. Hence not covered under section 43B of I.T. Act.1961.
15 September 2015
That is correct.... still it is always fluid as what is tax or duty or fee of cess. Recently in CIT v. Travancore Sugar Chemicals (SC) decided that even if "vend fee" is not a fee then also it is covered under the expression "whatever name it is called" and covered under Section 43B. Even electricity duty was held to be covered in ACIT v. Kerala Electricity authority. In such fluid areas of law, it is better to avoid unnecessary disputes.
CAclubindia
