Supreme Court of India
Commissioner of Income Tax, Kerala v. M/s. Travancore Sugar and Chemicals Ltd.
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What the Court ordered
We are of the view that the Tribunal was justified in law in holding that the kist amount payable to the Government by the assessee could not be brought within the purview of the provisions of section 438 of the Income Tax Act, 1961.
Judgment, page 7
From the headnote
Income Tax Act, 1961 - s. 43B(a) - Deduction under- Disallowance of - For the assessment of assessment year 1990-1991 - Propriety of- Held: The assessment year in question would attract amendment to s.438 by Finance Act, 1988 w.e.f. 1.4.1989- In view of the amendment even ifthe o vend fee paid by the assessee does not directly fall within the expression 'fee' contained in s.43B(a), it would be a 'fee' by 'whatever name called' - Hence disallowance of vend fee under s. 438 is correct since it was not paid before expiry of the relevant previous year. Disposing of the appeal, the Court HELD:
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