Section 43 B ::

Court :
HC

Brief :
Held by the Hon`ble Court that, whole amount of custom and excise duty paid by the assessee in a particular year is allowable under section 43 B of the income tax Act, 1961 as a deduction in respect of that year, irrespective of the amount included in closing stock as custom/ excise duty.

Citation :
C.I.T. Vs. Ashok Layland Ltd.

Section 43 B C.I.T. Vs. Ashok Layland Ltd. 02/26/2007 [2007] 294 ITR 380 (Mad) Case Fact: Whether, disallowed the claim and added the custom and excise duty component in the value of closing stock is justified in law? Decision: Held by the Hon`ble Court that, whole amount of custom and excise duty paid by the assessee in a particular year is allowable under section 43 B of the income tax Act, 1961 as a deduction in respect of that year, irrespective of the amount included in closing stock as custom/ excise duty.

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Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

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