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Clarification for sec 43b

This query is : Resolved 
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(Querist)
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
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Soumitra Basu

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Soumitra Basu (Expert)
13 December 2012 YES YOUR ARGUMENT IS CORRECT. THERE IS A JUDGEMENT OF SUPREME COURT IN THIS RESPECT.
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ashish jain

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ashish jain (Querist)
15 December 2012 1ST OF ALL LET ME THANK U AND ALSO LIKE TO HAVE THE JUDGEMENT IN THIS RESPECT

IF IT IS POSSIBLE
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Soumitra Basu

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Soumitra Basu (Expert)
16 December 2012 SECTION 10 AND 82 OF THE NEGOTIABLE INSTRUMENT ACT.
100 ITD 485
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