Supreme Court of India
Commissioner of Income Tax Ii v. M/s Modjpon Ltd.
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What the Court ordered
Resultantly, on the basis of mere book entries an assessce was entitled to claim deduction without actually paying the tax to the State.
Judgment, page 7
From the headnote
income Tax Act, 1961: s.43B - Deduction under - Entitlement - Jn respect of excise duty paid in advance in the Personal ledger Account (PLA) - Held: Upon deposit in the PLA. the amount of such deposit stands credited to the revenue v.1ith the assessee having no domain over the amount(s) deposited - Therefore, advance deposit of central excise duty constitutes ac/ual payment of duty within the meaning of s.43B and hence assessee is entitled lo the benefit of deduction of the said amount - Central Excise Act, 1944 - Central Excise Rules, 1944 - 1:173G Dismissing the appeals, the Court HELD: 1.
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