GST ArticleHigh Court

Excise duty payable on closing stock adjusted with input credit and balance paid by cash is considered as actual payment and allowed as deduction u/s 43B of Income Tax Act

The Hon’ble Calcutta High Court in Principal Commissioner of Income Tax – 1, Kolkata v.  M/s. Beekay Steel Industries Limited, [No.- ITAT/177/2021 IA No.GA/1/2021 and IA NO.GA/2/2021] has held that when the assessee adjusted excise duty payable on closing stock…