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2015 (1) TMI 1067 - HC - Income TaxAddition in the value of closing stock towards excise duty - ITAT and CIT(A) deleted the addition as - Held that:- In view of the earlier decision of this court in case of Assistant Commissioner of Income Tax Vs. Narmada Chematur Petrochemicals Ltd. [2010 (8) TMI 263 - Gujarat High Court] wherein held excise duty is required to be excluded at the time of valuation of the closing stock on finished goods at the end of the accounting period, the question is answered accordingly. The Tribunal was justified in law in holding that the excise duty should not be taken into account for valuation of the closing stock. - Decided in favour of assessee.
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