Tuesday, August 16, 2016

Excise and Customs duty on closing stock is deductible on payment basis as per sec. 43B

The High Court of Karnataka held that, in view of specific language of section 43B, amount of customs and excise duty on value of closing stock should be allowed as deduction in assessment year relating to previous year in which it was actually paid even though assessment of closing stock of that year would be in subsequent assessment year.

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