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2013 (10) TMI 422 - ITAT HYDERABADAddition made towards variation in the valuation of closing stock – Held that:- Reliance has been placed on the judgment in the case of Loknete Balasaheb Desai SSK Ltd.,[ 2011 (6) TMI 48 - BOMBAY HIGH COURT] - In respect of excisable goods manufacture and lying in stock, the excise duty liability will get crystallized on the date of clearance of goods and not on the date of manufacture - The liability for excise duty did not crystallize, the provisions of section 145A are not applicable to assessee's case – Decided against the Revenue. Writing off of stores – Revenue expenditure or capital expense – Held that:- Assessee had written off the stores on the basis of recommendation of expert committee. The stores being day to day consumable materials, write of the same is nothing but revenue expenditure which has to be allowed as revenue expenditure – Decided against the Revenue.
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