Utilisation of ITC excise duty with output tax is payment for Section 43B of IT Act

PCIT Vs Beekay Steel Industries Limited (Calcutta High Court) Utilisation of ITC excise duty with output tax, considered as actual payment and allowed as deduction u/s 43B of IT 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 of finished goods with available input credit and paid the remaining amount after the said adjustment, would tantamount to actual payment and no di...