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2013 (6) TMI 115 - AT - Income TaxRe opening of assessment - non inclusion of excise duty in the closing stock - Held that:- As decided in ACIT Vs Narmada Chematur Petrochemicals Ltd. [2010 (8) TMI 263 - Gujarat High Court] Tribunal was justified in excluding the excise duty at the time of valuation of the closing stock of finished goods as no deduction for the liability had been claimed by the assessee. The excise duty payable on the finished goods lying in the closing stock at the end of the relevant accounting period had been paid in the subsequent year before the due date of filing of the return of income and that was how the amount was available considering the fact that the assessment had been framed and the show-cause notice was issued much after the close of the accounting year. The assessment year being 1997-98 the provisions of section 145A inserted by the Finance (No. 2) Act, 1998 with effect from April 1, 1999 could not be invoked - In favour of assessee.
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