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2012 (10) TMI 150 - SC - Income TaxNet method of valuation of closing stock - Held that:- MODVAT Credit is excise duty paid and as excise duty payable estimated on finished goods held in factory are neither included in expenditure nor valued in such stocks but are accounted for on clearance of goods from factory this accounting treatment however has no impact on the profit for the year as decided in CIT Versus Indo Nippon Chemicals Co. Ltd.[2003 (1) TMI 8 - SUPREME COURT] - in favour of assessee.
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