Held, that there was no dispute that the assessee was entitled to the benefit of section 43B of the Income-tax Act, 1961. In the context of section 43B of the Act, apart from entitlement, the assessee was duty bound to produce the certificate showing proof of payment which the assessee claims by way of adjustment on August 21, 1990. Direction to assessee to produce the certificate before the Assessing Officer within four weeks and Assessing Officer to take certificate on record and decide the matter in accordance with law.(AY.1990-91)
Gujarat Urja Vikas Nigam Ltd. v. CIT (2024)465 ITR 798/166 taxmann.com 96 (SC) Editorial: Decision in Gujarat Urja Vikas Nigam Ltd (2010) 322 ITR 539 (Guj)(HC), is reversed with directions.
S. 43B : Deductions on actual payment-Electricity Duty on sale of power payable to Government adjusted against sums due to assessee from Government-Entitled to deduction-Produce Certificate from Chartered Accountant to establish adjustment made within time as claimed. [Art. 136]