Section 43B: Custom duty allowable in the year of payment

TANFAC Industries Ltd Vs ACIT (ITAT Chennai) Introduction: The Income Tax Appellate Tribunal (ITAT) Chennai has issued an order in the case of TANFAC Industries Ltd Vs ACIT, ruling in favor of the assessee regarding the disallowance of prior period expenses for Customs Duty. The appeal was filed against the order of the Commissioner of Income Tax (Appeals)-3, Chennai. Analysis: The assessee, TANFAC Industries Ltd, claimed the deduction of Customs Duty as prior period expenses in the relevant year. The company was eligible for exemption from customs duty if the imported raw materials were used ...