2017 (12) TMI 414 - HC - Income Tax

Addition u/s 43B - Custom Duty paid on import of components which were used for export by the end of the year - Held that - ITAT 2011 (8) TMI 1147 - ITAT DELHI was correct in deleting the addition applying provisions of section 43B in respect of the Custom Duty paid on import of components which were used for export by the end of the year. - Decided in favour of assessee.

Summary

The Delhi High Court dismissed the Revenue's appeal against the ITAT order for AY 2005-06, which deleted the addition of Rs. 23,67,21,074 under section 43B of the Income Tax Act for Custom Duty paid on imports used for export. The decision favored the Assessee.