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TMI Blog2003 (11) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... m was in order, the assessee's further claim for exclusion of customs duty in the valuation of closing stock of raw material was against the principles of accounting and that the closing stock of raw material had to be valued after including the customs duty component. - In this case it is not clear as to whether the amount paid as duty has been allowed u/s 43B. The assessee is required to value t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f closing stock of raw material was against the principles of accounting and that the closing stock of raw material had to be valued after including the customs duty component. He went on to observe, "both these amounts are not considered for the computation of total income for the year." The appellate order refers to the ground relating to "disallowance of customs duty component of closing stock ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emicals and Plastics India Ltd. v. CIT [2003] 260 ITR 193. In that case the assessee had taken to the profit and loss account the cost of the imported material inclusive of duty only on consumption basis and the balance of imported duty paid on the raw material held as closing stock was taken to the balance-sheet as part of the asset under the head "Inventories". The court noted the fact that nec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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