Section 43B- Liability for services rendered but payment not received

Liability of Service tax paid on receipt basis which was outstanding at the end of the year will not attracts Section 43B disallowance when law does not contemplate liability to pay the service tax before actual receipt of the funds in the account of the assesee. Brief facts of the case The Respondent Assessee filed its return for assessment year 2007-08 declaring total income of Rs.4,46,46,873/- and setting off entire business income against the brought forward losses of earlier years. The Book Profit under section 115JB was determined at Rs.8,97,48,777/. While completing the assessment, the...