In the result, the appeal of the assessee is allowed
Bench: Shri N. V. Vasudevan & Shri M. Balaganesh, I.T.A.No. 1494/Kol/2014 Assessment Year: 2007-08
145A of the Act and hence this being the first year, the assessee was also unaware of the said provisions, was under the bonafide belief that the proportionate value of customs duty need not be included in the value of closing stock. The assessee further stated that the assessee had duly disclosed the value of customs duty in the profit