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2002 (9) TMI 50 - HC - Income Tax"Whether, on the facts and circumstances of the case, the customs duty and excise duty actually paid and shown as current assets in the balance-sheet and not charged to the profit and loss account could be deducted under section 43B in computing the income of the assessee?" - The fact that the duty paid was not charged to the profit and loss account by itself would not disentitle the assessee from claiming deduction under section 43B. It is open to the assessee to file an adjustment statement before the Assessing Officer. Learned counsel for the Revenue submitted that the duty paid is a legitimate charge on the gross profits when the gross profits has been properly ascertained by valuing the closing stock as also the opening stock including therein the duty paid on such stock. The question referred to us is answered in favour of the assessee.
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