https://www.taxtmi.com/caselaws?id=10823 The High Court of MADRAS addressed the valuation of closing stock inclusive of customs duty for deduction under section 43B of the Income-tax Act, 1961. The court ruled against the assessee's claim for exclusion of customs duty in the closing stock valuation but affirmed the right to claim deduction under section 43B for duty actually paid during the year. The court emphasized that imported raw material should be valued including duty paid, allowing deduction for duty actually paid under section 43B, provided it was not already received. en-us Wed, 12 Nov 2003 00:00:00 +0530 Sat, 25 Jul 2009 16:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10823 The High Court of MADRAS addressed the valuation of closing stock inclusive of customs duty for deduction under section 43B of the Income-tax Act, 1961. The court ruled against the assessee's claim for exclusion of customs duty in the closing stock valuation but affirmed the right to claim deduction under section 43B for duty actually paid during the year. The court emphasized that imported raw material should be valued including duty paid, allowing deduction for duty actually paid under section 43B, provided it was not already received. Case-Laws Income Tax Wed, 12 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10823