Appeal Dismissed: Tax Law Upheld for Customs Duty Payment The appeal under section 260A of the Income-tax Act, 1961 against the ITAT order for the assessment year 1995-96 was dismissed. The Tribunal correctly ...
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Appeal Dismissed: Tax Law Upheld for Customs Duty Payment
The appeal under section 260A of the Income-tax Act, 1961 against the ITAT order for the assessment year 1995-96 was dismissed. The Tribunal correctly applied the law, determining that customs duty paid in the year is admissible under section 43B, and section 145A was not applicable. The decision aligned with the Supreme Court ruling in Berger Paints India Ltd. v. CIT [2004] 266 ITR 99, favoring the assessee. As no substantial question of law arose, the appeal was dismissed.
Issues involved: Appeal u/s 260A of the Income-tax Act, 1961 against ITAT order for assessment year 1995-96.
Summary: 1. The appellant raised substantial questions of law regarding the addition of advance custom duty under section 43B of the Act. The Tribunal correctly applied the law, stating that customs duty paid in the year is admissible under section 43B, and section 145A was not applicable to the proceedings of the year.
2. The Tribunal's decision aligns with the Supreme Court ruling in Berger Paints India Ltd. v. CIT [2004] 266 ITR 99, covering the issues against the revenue and in favor of the assessee.
3. Consequently, no substantial question of law arises for consideration, leading to the dismissal of the appeal.
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