- (1.) The Income Tax Department has preferred this appeal against the order dated 3.8.2007 of the Income Tax Appellate Tribunal (ITAT).
(2.) The respondent-assessee is a corporative society engaged in manufacturing and sale of sugar. In the assessment year 1997-98, it claimed deduction under Section 43B of the Income Tax Act, 1961, (for short the "Act") in respect of the amount of Rs.2,65,35,000/- alleged to have been deposited by it as excise duty for the previous year 1996-97 prior to filing of return for the assessment year in question.
(3.) The Assessing Officer vide order dated 21.3.2005 declined to allow the aforesaid deduction as no evidence for the payment of the aforesaid excise duty was produced for verification.;