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2013 (4) TMI 347 - AT - Income TaxAddition of excise duty payable on closing stock as per the provisions of section 145A - Held that:- As decided in CIT-vs- Loknete Balasaheb Desai S.S.K. Ltd. [2011 (6) TMI 48 - BOMBAY HIGH COURT] in respect of excisable goods, manufactured and lying in stock, the excise duty liability would get crystallised on the date of clearance of goods and not on the date of manufacture. Thus held, that the manufactured sugar lying in stock and was not cleared from the factory Central excise liability was not incurred and consequently the addition of excise duty made by the Assessing Officer to the value of the excisable goods was liable to be deleted - in favour of assessee. Expenditure of interest paid on capital borrowed disallowed when the capital borrowed was used to give interest free loans to subsidiary and other companies - Held that:- Set aside the order of the CIT(A) and restore this issue to the file of the AO with the direction that the AO shall re-decide this issue, as per direction of the Hon'ble High Court for the assessment year 1994-95. This ground stands allowed for statistical purposes.
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