Modvat Credit available to assessee on last day of previous year does not amount to payment of Central excise duty u/s. 43B

1.Whether deduction for tax, duty etc. is allowable u/s. 43B of the Income Tax Act, 1961, on payment basis before incurring the liability to pay such amounts? The deduction for tax, duty etc. is allowable u/s. 43B of the Income Tax Act, 1961 on payment basis before incurring the liability to pay such amount. 2.Whether Modvat Credit available to the assessee as on the last day of the previous year amounts to payment of Central Excise duty u/s. 43B? The Modvat Credit available to the assessee as on the last day of the previous year does not amount to payment of Central excise duty u/s. 43B. IN T...