TMI Blog1999 (2) TMI 24X X X X Extracts X X X X X X X X Extracts X X X X ..... are maintained in mercantile system. For the assessment year 1984-85, it had valued its closing stock at cost. The valuation so made, according to the Assessing Officer, was incorrect as it did not include the assessee's liability for payment of excise duty. That view of the Income-tax Officer was confirmed by the Commissioner. The Tribunal on further appeal held that the excise duty payable on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shown in the excise duty account maintained by the assessee, all payments and liability so incurred towards such duty are being exhibited separately as amounts paid as excise duty or as liability incurred for payment of excise duty. If the argument of the Revenue is to be accepted, the result would be anomalous. The assessee's liability for payment of duty would then be regarded as part of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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