VAT payment doesn’t attract provisions of section 40(a)(iib) of the Income Tax Act

Tamilnadu State Marketing Corporation Ltd. Vs ACIT (ITAT Chennai) ITAT Chennai held that the VAT payment would not attract the provisions of section 40(a)(iib) of the Income Tax Act and hence, is allowable u/s.37 read with section 43B of the Act Facts- The only issue in this appeal of assessee is as regards to the revision order passed by PCIT by holding the assessment framed as erroneous and prejudicial to the interest of Revenue on account of Value Added Tax paid by assessee and claimed as deduction u/s.37 w.s. 43B of the Act and allowed. Conclusion- Held that the provision of section 40(a)(...