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2003 (11) TMI 38 - HC - Income Tax"Whether, Tribunal is right in law in upholding the order of the Commissioner of Income-tax (Appeals) directing the exclusion of the excise duty from the closing stock valuation?" - Liability for payment of excise duty is incurred only when the process of manufacture is complete. Such liabilities are shown in the excise duty account maintained by the assessee. The inclusion of excise duty in the valuation of closing stock was permissible only if the liability for that amount in the excise duty account was given a deduction - The substantial question of law that as framed is answered in affirmative in favour of the assessee and against the Revenue.
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