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.
Message likes :
1 times
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
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- ITR-3 File/Error Found
- ASMT-10 received from A O
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- Average Cost Of High Quality Diamonds
- Due Date Clarity
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
