The Court held that it would be open to the assessee to produce evidence that no deduction had been claimed of turnover tax on payment basis under section 43B for the assessment years 1990-91, 1991-92 and 1992-93 as stated in the assessment order and if this was found to be a mistake, the Assessing Officer was to exclude the amount from assessment by rectifying the order. Dismissing the appeal the Court held that an order of remand to the High Court was required, but that it would not pass such a remit order, as the issue had been correctly decided, and the remand would only entail extra expenditure on the part of the assessee and would not be in the interests of justice. (AY.1995-96)
Ishwardas Sons v. CIT (2022) 447 ITR 755/ 220 DTR 94 /329 CTR 689 / 289 Taxman 620(SC)
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Turnover tax-Liberty to assessee to prove that no deduction claimed for earlier assessment years-Direction to Assessing Officer to rectify assessment order. [S. 43B, Art. 136]