Customs duty drawback of preceding assessment years written-off as prior period item

Parry Phytoremedies Private Limited Vs DCIT (ITAT Pune) ITAT Pune held that customs duty drawback relating to preceding assessment years can be written-off ‘as prior period item’. Facts- The grounds raised in the present appeal are in consonance with rule 8 of Income Tax Appellate Tribunal Rules, 1963 [for short “ITAT Rules”], however for the purpose of adjudication, it shall suffice to articulate that, the sole & substantive ground is directed against the disallowance of customs duty drawback written-off relating to preceding assessment years ‘as prior period item’. Conclusion...