No disallowance u/s 43B if deduction not been claimed by the Assessee in respect of sum payable by way of tax or duty

RELEVANT PARAGRAPH There is no dispute on the point of accrual of liability. The assessee admits that the liability accrued during the year. The assessee itself had included the total customs duty provision amounting to Rs. 4,59,10,736/ – in the cost of raw material. The fact that the element of customs duty was made part of closing stock, was not considered by the learned Accountant Member. The value of closing stock was increased to that extent. As such it cannot be said that the assessee did make claim of the customs duty for income-tax purposes 8. Sec.43B can only be invoked when the...