2003 (11) TMI 15

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....The assessee had imported raw material for use in the process of manufacture made by it. On such imports, customs duty has been paid. The Assessing Officer, while considering its claim for deduction of the amount of customs duty paid during the year under section 43B of the Income-tax Act, 1961, held that though that claim was in order, the assessee's further claim for exclusion of customs duty i....

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....court in the case of Southern Asbestos Cement ltd. v. CIT [2003] 259 ITR 631 wherein it was held that the closing stock had necessarily to be valued in a manner which reflected the actual cost and that in respect of imported material, the customs duty component would form part of the costs to the assessee. Counsel for the assessee, on the other hand, placed reliance on the decision of this court ....