Deduction u/s 43b

This query is : Resolved

CA Arun Valera (Querist)
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27 November 2012 The assessee did not take deduction of payment of customs duty during the P.Y. 2010-11 because he was under impression that it will be refunded subsequently in P.Y. 2011-12. However, during P.Y. 2011-12, he did not get refund of customs duty. So, he writes off the amount to profit and loss A/c.

Question: Can the assessee claim deduction of customs duty in P.Y. 2011-12? Or does the return for the P.Y. 2010-11 need to be revised to claim customs duty U/s 43B?

In other words, If the assessee did not take deduction u/s 43B on payment basis, can he take it subsequently?

CA VISHNU GAVKARE

CA VISHNU GAVKARE (Expert)
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29 November 2012 Sec 43b was incorporated to stop the deduction before actual payment and not the reverse way. According to me you can claim deduction in 2011-12 and need not revise the previous return.