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2003 (11) TMI 15 - HC - Income TaxDeduction u/s 43B - Assessing Officer, while considering its claim for deduction of the amount of customs duty paid during the year u/s 43B, held that though that claim was in order, the assessee's further claim for exclusion of customs duty in the valuation of closing stock of raw material was against the principles of accounting and that the closing stock of raw material had to be valued after including the customs duty component. - In this case it is not clear as to whether the amount paid as duty has been allowed u/s 43B. The assessee is required to value the imported raw material by including therein the amount of duty paid. After the closing stock is so valued, the assessee would be entitled to claim the deduction for the amount of duty actually paid under section 43B
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