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2015 (8) TMI 597 - ITAT AHMEDABADValuation of stock - Addition on account of excise duty on closing STOCK of finished goods - CIT(A) deleted the addition - Held that:- CIT(A) while deleting the addition held that when finished goods are not sold or cleared and element of excise duty thereon has not been incurred and debited to the trading account of the year, there was no question of making any addition to the value of closing stock. Before us, Revenue has not brought any contrary binding decision in its support. We further find that in the case of CIT vs. Loknete Balasaheb Desai SSK Ltd. (2011 (6) TMI 48 - BOMBAY HIGH COURT) has held that in respect of excisable goods manufactured and lying in stock, the excise duty liability would get crystallized on the date of clearance of goods and not on the date of manufacture. Considering the aforesaid facts, we find no reason to interfere with the order of ld. CIT(A) - Decided in favour of assessee. Disallowance of interest - CIT(A) deleted the addition - Held that:- We find that ld. CIT(A) while granting relief has given a finding that Assessee was having sufficient interest free funds to cover the interest free advances. Ld. CIT(A) further relied on the decision of Ahmedabad Tribunal and Bombay High Court cited in his order. Before us Revenue has not brought any contrary binding decision on record in its support. We therefore find no reason to interfere with the order of ld. CIT(A). Thus this ground of Revenue is dismissed - Decided in favour of assessee.
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