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2015 (6) TMI 357 - AT - Income TaxDisallowance of employer's contribution to P.F. of employees - payment beyond the time prescribed under the provision of I.T. Act, 1961 as well as Provident Fund Act - Held that:- It has been clearly established that the payment of Provident Fund contribution was made before the due date of filing of the return of income, therefore, the same is allowable under section 43B of the Act - Decided in favour of assesse. Valuation of closing stock - AO observed that since excise duty has been incurred on the manufacturing of the goods, the same should have been included in the closing stock as per provisions of section 145A(a) - Held that:- As per sub-clause (ii) of clause (a) of section 145A of the Act, excise duty actually paid or incurred by the assessee is to be included in the valuation of closing stock. Excise duty always incurred on manufacturing of goods, though it is to be paid at the time of movement of the goods outside the factory. But since liability of payment of excise duty has been incurred on the production of the goods, the same is to be included in the closing stock. It is totally irrelevant whether the same was claimed to be expenditure in the profit and loss account by the assessee. As per provisions of section 43B of the Act, the expenditure on account of excise duty can only be allowed if it is paid before the due date of filing of the return of income. Therefore, we find no force in the arguments of the ld. counsel for the assessee that this amount of excise duty cannot be included in the valuation of closing stock, as it was not claimed as expenditure in the impugned assessment year. Therefore, we are of the view that the Assessing Officer has correctly included the excise duty in the valuation of closing stock - Decided against assesse.
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