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Income tax section 43b

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(Querist)
05 September 2013 Dear Experts,
Kindly Suggest .
opening Stock :40(NO tax included)
Purchases - 100(NO tax included)
Sales:90(No tax)
Closing stock: 70(NO tax)

PROFIT : 20
VAT liablity : 20 - unpaid

While Calculating Tax
should i disallow VAT liablity of 20?

Please give a brief on it , if possible provide for case laws.



Thanks and regards
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CA LOKESH KASAT, FCA, M.Com

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CA LOKESH KASAT, FCA, M.Com (Expert)
05 September 2013 Vat payable shall be allowed as expense.
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Aashish

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Aashish (Querist)
05 September 2013 Can u please explain in detail, VAT is my liablity right?




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