2007 (4) TMI 125

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..... nal in I. T. A. No. 913/Mds/94 dated March 17, 2003, raising the following substantial questions of law: "(a) Whether, on the facts and circumstances of the case, the Tribunal was right in holding that investment allowance/depreciation can be taken on the additional customs duty paid during the year in respect of machinery imported and installed in an earlier year ? (b) Whether, on the facts and .....

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..... the Income-tax Appellate Tribunal claiming investment allowance and depreciation allowance on the ground that the payment of additional customs duty in respect of goods imported earlier ought to be added to .the value of the goods. The Tribunal allowed the claim of the assessee towards investment and depreciation allowance holding that the payment of additional customs duty had to be added to the .....

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..... chinery was purchased. 6 In the instant case, the assessee paid the additional customs duty in the subsequent period of acquisition and claimed the investment and depreciation allowance during the period when the machinery was imported. The ratio laid down in the decision cited supra, on principle, is applicable to the duty impugned in the instant case also. Hence, we are of the considered opinio .....

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