- (1.) Heard the learned Counsel for the parties.
(2.) The issue involved in these appeals is whether the circular issued by the State of Bihar in relation to the scheme for deferred payment of the Sales Tax would be valid for the purposes of giving concession to the assesses under Section 43B of the Income Tax Act. The Tribunal has concluded in favour of the Assessees observing that the circular issued by the State Government will be sufficient to cover the case for deduction under Section 43B of the Income Tax Act.
(3.) Learned Counsel for the Assessee drew attention of the Court to the circular No. 674 dated 29 December, 1993, issued by the C.B.D.T. This circular clearly enunciates that any deferment scheme, if is in conformity with the State law. then the same would be covered by the aforesaid circular and such accommodation would be available to the Assessee.;