Calcutta HC: Tax Related To Next Year Paid in Advance Is Allowable in Year of Payment Only !

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Calcutta High Court in recent order in case of Paharpur Cooling Towers Ltd. vs CIT passed on 15 July 2011 delivered a very important issue¬† regarding disallowance of tax paid u/s 43B of the Income Tax Act. The Court held that taxes paid in advance also are eligible for deduction u/s 43B of the I…

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