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?
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.
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