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TMI Blog2002 (9) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... ed at the instance of the assessee is, "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 assessment year is 1984-85. The assessee is engaged in the manufacture of polyvi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated therein, according to the assessee, includes this sum of Rs. 11,58,833. Similarly, excise duty paid on finished goods held as closing stock was shown as part of the inventory under the current assets in the balance-sheet. The assessee's claim under section 43B of the Act for deducting the actual customs duty and excise duty paid on the stock of raw material and finished goods was negatived ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income referred to under section 28 of that previous year in which that sum is actually paid by the assessee. The first proviso permits such payment being made even after the close of the previous year, but prior to filing the return of income under section 139(1) of the Act. The assessee, therefore, is entitled to the deduction of the amount of duty paid in the year in which the payment was mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee from claiming the deduction under section 43B. 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 g ..... X X X X Extracts X X X X X X X X Extracts X X X X
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