TMI Blog2012 (6) TMI 879X X X X Extracts X X X X X X X X Extracts X X X X ..... T Honourable Mr.Justice V. M. Sahai We have heard Mr. M.R. Bhatt, learned Senior Standing Counsel assisted by Mrs. Mauna M. Bhatt for the revenue. 2. In these Tax Appeals, the following substantial questions of law have been proposed by the revenue :- Whether the Appellate Tribunal is right in law and on facts in holding that no addition on account of excise duty can be made to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er. According to Hon'ble High Court for the purpose of the said statute, which is the only statute under which duty of central excise can be levied and collected, the charge is not fastened in law and it cannot be stated that for the purpose of computing chargeable income such a charge gets fastened qua the finished goods appearing as part of closing stock. Further Hon'ble High Court elabo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inserted by Finance (No.2) Act, 1998 w.e.f. 1st April, 1999. Hon'ble High Court considered that though the Bill proposed retrospective insertion ultimately the section has come on the statute book only from 1st April, 1999 but what is more material is that the same relates to inclusion in the value of inventory the amount of any tax, duty etc. paid or liability incurred for the same under any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cision of Hon'ble jurisdictional High Court in Narmada Chematur Petrochemicals Ltd. (supra). Accordingly, this common issue in the appeals of the Revenue is dismissed. Since the controversy is covered by the judgment of this Court in ACIT v. Narmada Chematur Petrochemicals Limited (2010) 233 CTR 265 (Guj.), therefore, in our opinion, no question of law, much less, any substantial question ..... X X X X Extracts X X X X X X X X Extracts X X X X
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