Sales Tax Liability Can Not Be Disallowed If State Govt. Considered It As Deemed Collected !

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Advanced TopicAn assessee had been allowed sales tax claim u/s 43B pursuant to a scheme of the state government whereby the government had converted his sales tax liability into a loan. The CBDT had issued two circulars—No.496 in 1987 and 674 in 1993—to provide that in cases where incentives were granted to an assessee by…

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