Tag Archives: section 43B

Deduction of Expenses of Payment to Indian Railways w.e.f AY 2017-18

Deduction of Expenses of Payment to Indian Railways Key points of Deduction of Expenses of Payment to Indian Railways Any payment made to Indian Railways for the use of railway assets made on or after 1-4-2016 would be allowable only on actual payment, irrespective of the year in which the liability is incurred; and, where the… Read More »

Deduction of Section 43B not allowed for contingent liability

Where import contract stated that after purchase liability in respect of customs duty, excise duty, penalty, sales tax, etc., would be paid by assessee, since liability, was contingent upon uncertain fact, deduction under section 43B was not permissible HIGH COURT OF DELHI Oswal Agro Mills Ltd. v. Commissioner of Income-tax S. RAVINDRA BHAT AND R.K. GAUBA,… Read More »