Orissa HC: Deposit of Amount in No-Lien/Escrow Account Will Not Constitute Actual Payment - (11 Mar 2022)

DIRECT TAXATION

Orissa High Court has ruled that deposit of amount in no-lien/escrow account will not constitute actual payment under Section 43-B of the Income Tax Act, 1961. The Section provides a list of expenses allowed as deduction under the head income from business and profession. It states some expenses that can be claimed as deduction from the business income only in the year of actual payment.

Tags : ORISSA HIGH COURT   DEPOSIT OF AMOUNT IN NO-LIEN/ESCROW ACCOUNT  

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