Futura Polyster Ltd. v. ITO (2020) 184 ITD 158/( 2021) 213 TTTJ 625 (Mum.)(Trib.)

S. 43B : Deductions on actual payment-VAT and excise duty-Closing balance of earlier years cannot be added back.

The assessee filed its return wherein certain amount was offered disallowance in respect of VAT and excise duty payable. The Assessing Officer enhanced amount of disallowance. Tribunal held that the amount enhanced by assessee merely represented closing balance of earlier years that was brought forward to year under consideration hence  same could not  have been disallowed. (AY. 2013-14)