COMMISSIONER OF INCOME TAX Vs. ACE DESIGNERS LTD

JUDGEMENT

(1.) THIS appeal was admitted to consider the following substantial questions of law :

(2.) THE first substantial question of law is covered by the judgment of the apex Court in the case of Berger Paints India Ltd. vs. CIT (2004) 187 CTR (SC) 193 : (2004) 266 ITR 99 (SC) where it is held that, S. 43B provides that the entire amount of excise duty/customs duty paid by the assessee in a particular accounting year is an allowable deduction in respect of that year irrespective of the amount of excise duty/customs duty which was included in the valuation of the assessee's closing stock at the end of the accounting year.

(3.) INSOFAR as the second substantial question of law is concerned, the Tribunal has remitted the matter back to the CIT for consideration of the application for condonation of delay as the export receipts are received beyond the stipulated period. Therefore, as no finding is recorded on the said question, the second substantial question of law is not answered.