X pvt limited has not deposited the vat liability till 30th sept (due date of filing return) amounting to Rs. 50 lacs.
while charging vat on invoices , the amount is directly credited to the vat collected account which is shown in balance sheet as DUTIES AND TAXES PAYABLE
now , since PL a/c. is not in anyway has affected by the vat amount i.e. the vat is not shown under Expenses in Pl A/c. i.e. deduction is not claimed.
Therefore my question is "Can VAT amount be disallowed u/s. 43b for non payment within the due date of filing return"
Regards
Nitesh Gupta
CAclubindia
