Court held that the Tribunal was justified in holding that the sum of customs duty paid and included in the closing stock was allowable in view of section 43B . The assessee had not raised such issue for the first time before the Tribunal as it had taken the ground before the Commissioner (Appeals). ( AY.1995-96)
CIT(LTU) v. Asea Brown Boveri Ltd. (2020) 427 ITR 166 / 192 DTR 376/272 Taxman 224 (Karn)(HC)
S.43B: Deductions on actual payment – Custom duty – Allowable in year in which actually paid .