2006 (2) TMI 63

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....mmon order of the Tribunal in I. T. A. Nos. -1042 and 1044/Mad/1998, dated June 16, 2004. 2 The Revenue is the appellant. The assessee is a manufacturer of pistons for heavy commercial vehicles. During the relevant assessment years, the assessees claim with regard to the excise duty and customs duty should not be added in the closing stock for computing the income was disallowed by the Assessin....

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....mstances of the case, the Tribunal was right in law in deleting disallow made under section 40(a)(i) in respect of interest on foreign bills is valid ?" 4 In respect of question No. I viz., excise duty and customs duty on closing stock not to be included in the total turnover, this court, in CIT v. English Electric Co. of India Ltd. [2000] 243 ITR 512, held that the liability for payment of exc....

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....puting the income under section 80HHC of the Act. 6 As far as the second question is concerned, it is not in dispute that the assessee claimed deduction in respect of interest on foreign bills. The Assessing Officer made disallowance by following the earlier assessment orders. The Commissioner of Income-tax (Appeals) deleted the disallowance made by the Assessing Officer. On appeals by the Reve....

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....nding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head 'Profits and gains of business or profession',— (a) in the case of any assessee— (i) any interest (not being interest on a loan issued for public subscription before the 1st day of April, 1938), royalty, fees for technical services or other su....