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1999 (2) TMI 24 - HC - Income Tax
Extract:
.......payment of excise duty. The liability, if so exhibited, would become an item which would have to be deducted for the purpose of arriving at the profit for the year. It is only when such deduction is given that the amount may be added to the value of the closing stock. We, therefore, do not see any merit in this petition. This petition is dismissed.