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2012 (11) TMI 190 - SC - Income TaxValuing of closing stock - exclusion or inclusion of excise duty - Held that:- As decided in Asstt. CIT v. Narmada Chematur Petrochemicals Ltd [2010 (8) TMI 263 - GUJARAT HIGH COURT] Excise duty not includible in valuation of closing stock of finished goods at end of accounting period. 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 v. Shri Ram Honda Power Equipment Ltd. [2012 (10) TMI 150 - SUPREME COURT] - in favour of assessee.
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