Answers On Topic: Custom refund application
  Allowability of SAD Refund denied by Custom Authorites
SAD Refund was applied 6 to 7 years ago with  the Custom Authorities.The said amount was shown as Refund Receivable in the Balance Sheet in the year of payment of SAD custom Duty. However , the same was never offered as income. Now Custom department has rejected the said Refund application and the said amount has been debited to Profit and Loss Account.Whether this amount is allowable in current year in view of Provisions of Section 43-B,Bad Debts and Prior Period Expenses.

► Read Answer