https://www.taxtmi.com/caselaws?id=170024 The High Court ruled in favor of the assessee, stating that the customs duty paid under protest should not be charged off in the profit and loss account for the purpose of deduction under section 32AB of the Income-tax Act. The Court emphasized that profits should be computed according to the Companies Act and that disputed liabilities, such as the customs duty, should not be deducted from profits for tax purposes. The Court overturned the decisions of the revisional and appellate authorities, affirming that the assessee's computation of profits was accurate. en-us Mon, 16 Jun 2014 00:00:00 +0530 Thu, 14 May 2015 12:51:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=170024 The High Court ruled in favor of the assessee, stating that the customs duty paid under protest should not be charged off in the profit and loss account for the purpose of deduction under section 32AB of the Income-tax Act. The Court emphasized that profits should be computed according to the Companies Act and that disputed liabilities, such as the customs duty, should not be deducted from profits for tax purposes. The Court overturned the decisions of the revisional and appellate authorities, affirming that the assessee's computation of profits was accurate. Case-Laws Income Tax Mon, 16 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=170024