https://www.taxtmi.com/caselaws?id=12226 The court ruled against the assessee's claim for revenue deduction for customs and excise duty in the closing stock under section 43B of the Income-tax Act, 1961, emphasizing that the customs duty paid on imported raw materials forms part of the cost to the assessee, whether used in manufacturing or stored as closing stock. However, the court ruled in favor of the assessee regarding the allowance of investment allowance for incremental machinery cost due to foreign exchange rate fluctuations under section 32A, holding that the additional liability incurred due to variations in the rate of exchange for assets imported from abroad should be considered for computing the investment allowance. en-us Tue, 20 Aug 2002 00:00:00 +0530 Sat, 20 Feb 2010 11:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12226 The court ruled against the assessee's claim for revenue deduction for customs and excise duty in the closing stock under section 43B of the Income-tax Act, 1961, emphasizing that the customs duty paid on imported raw materials forms part of the cost to the assessee, whether used in manufacturing or stored as closing stock. However, the court ruled in favor of the assessee regarding the allowance of investment allowance for incremental machinery cost due to foreign exchange rate fluctuations under section 32A, holding that the additional liability incurred due to variations in the rate of exchange for assets imported from abroad should be considered for computing the investment allowance. Case-Laws Income Tax Tue, 20 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12226