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2016 (10) TMI 247 - GUJARAT HIGH COURT

2016 (10) TMI 247 - GUJARAT HIGH COURT - TMI - Exclusion of excise duty at the time of valuing closing stock at the end of accounting - Held that:- Taking into consideration the view taken by this court in the case of Assistant Commissioner of Income-tax v. Narmada Chematur Petrochemicals Ltd. (2010 (8) TMI 263 - Gujarat High Court ) we are of the view that the Tribunal has not committed any error in excluding the excise duty at the time of valuation of the closing stock. In that view of the mat .....

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inafter referred to as the Tribunal ) whereby the Tribunal has confirmed the order of the Commissioner (Appeals) who has partly allowed the appeal preferred by the assessee. 2. The assessee filed return of income for assessment year 1998-99 declaring loss of ₹ 9,03,47,290/- on 26.11.1998. The return was processed under section 143(3) of the Act on 29.11.2000 determining income at ₹ 43,92,470/-. While making the assessment order, the Assessing Officer made certain additions/disallowan .....

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es of the case, the Tribunal was right in law to exclude the excise duty at the time of valuing closing stock at the end of accounting? 4. Learned counsel for the revenue Mr. Parikh has contended that the Tribunal has seriously erred in not including excise duty while valuing closing stock at the end of accounting. Therefore, this issue is required to be decided in favour of the revenue by allowing this appeal. 5. Learned senior counsel for the assessee Mr. Spoarkar has contended that the Commis .....

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goods at the end of the accounting period because: (a) no deduction 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 subsequent year before the due date of filing of the return of income and that was how the amount was available considering the fact that the assessment had been framed and the show cause notice was issued much after the close of the accounting .....

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