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2011 (5) TMI 556 - KARNATAKA HIGH COURTExcise duty actually paid - Whether it need not be added in the valuation of the closing stock as per section 145A of the Income-tax Act, 1961 when the item of stock continued to lay with the assessee during the assessment year - The assessee filed a return of income for the assessment year 1997-1998 dated 26-11-1997 and in valuing the closing stock, had not taken into consideration the excise duty - Held that:- As per the judgment of CIT v. British Paints India Ltd. [1990 (12) TMI 2 - SUPREME Court] held that when the market value has fallen, the excise duty paid need not be included as part of the closing stock even when the stock has continued during the current assessment year - Decided in favour of assessee.
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