Held that the Supreme Court in\u00a0 Gujarat Urja Vikas Nigam Ltd v. CIT(2024) 465 ITR 798 (SC)\u00a0\u00a0 had held that the assessee was entitled to the benefit of section\u00a043B\u00a0of the Act. The adjustment of electricity duty by the Government against the subsidy sanctioned by the Government amounted to valid payment for the purposes of section\u00a043B\u00a0of the Act and deduction should be allowed on a payment basis in the year the payment is made. The matter was restored to the Assessing Officer for fresh adjudication in light of the Supreme Court\u2019s order and after considering the facts and evidence presented by the assessee, particularly the chartered accountant’s certificate as mandated. (AY.1996-97)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 43B : Deductions on actual payment-Electricity company-Electricity duty and tax on sale of electricity adjusted by Government against Government subsidy after close of accounting year-Deduction is to be allowed in year payment is made-Matter is remanded. <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-51320","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dlK","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51320","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=51320"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51320\/revisions"}],"predecessor-version":[{"id":51321,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51320\/revisions\/51321"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=51320"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=51320"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=51320"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}