https://www.taxtmi.com/caselaws?id=69879 The Tribunal upheld the decision of the CIT(A) and denied the deduction of customs duty in the closing stock under section 43B, citing potential double counting of the expenditure. Regarding the disallowance under section 40A(3) for payments exceeding Rs. 2,500, the Tribunal partially allowed the appeal, emphasizing that genuine transactions with identifiable parties should not be subject to disallowance. The judgment provides a comprehensive analysis of relevant legal principles and precedents, resulting in a partial success for the assessee in both issues raised. en-us Fri, 31 Jul 1998 00:00:00 +0530 Tue, 12 Apr 2011 15:36:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69879 The Tribunal upheld the decision of the CIT(A) and denied the deduction of customs duty in the closing stock under section 43B, citing potential double counting of the expenditure. Regarding the disallowance under section 40A(3) for payments exceeding Rs. 2,500, the Tribunal partially allowed the appeal, emphasizing that genuine transactions with identifiable parties should not be subject to disallowance. The judgment provides a comprehensive analysis of relevant legal principles and precedents, resulting in a partial success for the assessee in both issues raised. Case-Laws Income Tax Fri, 31 Jul 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69879