NARENDRAKUMAR CHANDULAL PATEL Vs. GHANSHYAMBHAI BHAILALBHAI PATEL

JUDGEMENT

(1.) This appeal has been admitted vide order dated 20.09.2000 wherein following substantial question of law has been framed:

(2.) The Assessment Year involved is A.Y. 1986-87 and the relevant Accounting Year is S.Y. 2041. The respondent-assessee, instead of making payment of Excise Duty, furnished bank guarantee to the Excise Department and claimed deduction thereof in terms of provisions of Section 43-B of the Income Tax Act, 1961 (the Act). The Assessing Officer rejected the claim. The assessee carried the matter in appeal before the Commissioner Appeals and succeeded. The appeal filed by the Department before the Tribunal was dismissed.

(3.) Heard Mrs.M.M.Bhatt, learned Standing Counsel for the appellant. Though served there is no appearance on behalf of the respondent assessee.