TaxTMI 
TaxTMI 
2013 (6) TMI 115
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....ssee has been preferred against the order dated 02.01.2009 of CIT(A) VI, Ahmedabad for the assessment year 2003-04. The assessee has taken following grounds: "1) The Ld. CIT(A) V Ahmedabad has erred in law and on facts in passing appellate order dated 02.01.2009 for assessment year 2003-04 in the case of appellant b holding that the A.O. was justified in issuing notice u/s 148 for reopening the a....
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....was issued a show cause notice proposing the addition of the above mentioned amount. After taking into consideration the submission of the assessee, the A.O. was of the view that the excise duty was liable to be included in closing stock as per Section 145A of the Income tax Act, 1961, therefore, the same was added to the total income of the assessee. 3. Before Ld. CIT(A), it wAS submitted on beh....
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....e accounted for on net basis excluding the excise duty of closing stock has to be valued on net basis. It was further submitted that if excise duty was included in the valuation of the closing stock then similar effect was required to be given to the valuation of opening stock as held by the Hon'ble High Court of Delhi in the c se of CIT Vs Mahavir Aluminium Ltd. 297 ITR 77. If the closing sto....
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....dismissing the appeal, that the Tribunal was justified in excluding the excise duty at the time of valuation of the closing stock of finished goods at the end of the accounting period because : (a) no deduct ion for the liability had been claimed by the assessee. The excise duty payable on the finished goods lying in the closing stock at the end of the relevant accounting period had been paid in ....