Supreme court on 24th April, 2020 held that clause (f) in Section 43B of the 1961 Act is constitutionally valid and therefore any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee is allowable only on actual payment. Division Bench of High Court at Calcutta order is reversed.
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223 total views “…..the insertion of clause (f) has not extinguished the autonomy of the assessee to follow the mercantile system. It merely defers the benefit of deduction to be availed by the assessee for the purpose of computing…