20 March 2010
We are paying a Custom Duty of 2003-04 on import of Plant & Machinery of Rs. 55 lacs and Interest of Rs. 45 lacs, we are capitailsing the duty paid of Rs. 55lacs and claiming the depreciation with retrospective effect but what about the interest amount, is the interest amount will allowed in income tax or will dissallowed as a prior period expenses.
CAclubindia
