TMI Blog2007 (2) TMI 203X X X X Extracts X X X X X X X X Extracts X X X X ..... ade in I.T.A. No. 236/Mds/1994 for the assessment year 1986-87, and is admitted on the following questions of law: "(i) Whether, on the facts and circumstances of the case, the Tribunal was right in holding that the excise and customs duty component had to be excluded from the value of closing stock? and (ii) Whether, on the facts and circumstances of the case, the Tribunal was right in holdin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no part of the duty which is related to the goods that remained unsold at the close of the year should be added to the charge of the closing stock. Being exasperated, the Revenue has preferred this appeal raising the substantial questions of law referred to above. It is fairly conceded by learned senior standing counsel for the appellant that the first issue raised in this appeal is covered by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng year is allowable under section 43B of the Income-tax Act, 1961, as a deduction in respect of that year, irrespective of the amount of excise duty/customs duty included in the valuation of the assessee's closing stock at the end of the accounting year as relating thereto. In view of the ratio laid down in the decisions referred to supra, the questions of law raised for our consideration are a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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