Held that the liability on account of electricity duty payable could be set off against allotment of equity shares, amount discharge of liability. No disallowance can be made assessee could b set off by way of allotment of equity shares and same would amount to discharge of liability under section 43B. Order of Tribunal is affirmed. (AY. 1999-2000)
CIT v. Haryana Vidyut Prasaran Nigam Ltd. (2025) 303 Taxman 134 (P&H)(HC)
S. 43B : Deductions on actual payment-liability on account of electricity duty payable-Set off against allotment of equity shares-Amount discharge of liability-No disallowance can be made. [S. 37(1), 260A]
Leave a Reply