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2013 (7) TMI 385 - HC - Income TaxUnpaid Excise Duty - deduction u/s 43B - valuation of stock u/s 145A - Whether the ITAT erred in deleting the addition made by the AO u/s 43B r.w. Section 145A on account of Excise Duty - the sum was undoubtedly unpaid and the assessee’s contention is not merited - the goods were actually removed – thus the duty was payable - The assessee cannot profit or take advantage from that default or omission. Having regard to the object and the wording of Section 145-A it is held that the AO’s opinion could not have been faulted - Section 145 of the Act obliges every assessee to maintain, subject to accounting standards which may be notified by the Central Government, books of accounts on cash or mercantile basis. Section 145-A begins with a non-obstante clause, and prescribes that the value of goods shall be further adjusted to include the amount of any tax, duty, cess or fee by whatever name called actually paid - section 145 was introduced in 1999 and overrides other provisions – The decision of the Supreme Court in Orient Paper Mills Ltd. Vs. Union of India (1967 (3) TMI 47 - SUPREME COURT OF INDIA) holds authority on the issue that removal of goods from the factory premises, or other specified place implies that it is leviable, and not postponed – appeal decided in favour of revenue.
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