https://www.taxtmi.com/caselaws?id=12209 The High Court held that the deduction for customs duty paid in March 1987 should be allowed in the assessment year 1987-88, as per Section 43B of the Income-tax Act, 1961. The court emphasized that the year of actual payment is crucial for claiming the deduction, not the year in which the liability was incurred. The appeal was allowed, overturning the decisions of the lower tribunals, without any order as to costs. en-us Thu, 21 Nov 2002 00:00:00 +0530 Fri, 19 Feb 2010 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12209 The High Court held that the deduction for customs duty paid in March 1987 should be allowed in the assessment year 1987-88, as per Section 43B of the Income-tax Act, 1961. The court emphasized that the year of actual payment is crucial for claiming the deduction, not the year in which the liability was incurred. The appeal was allowed, overturning the decisions of the lower tribunals, without any order as to costs. Case-Laws Income Tax Thu, 21 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12209