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Income Tax - Highlights / Catch Notes

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Addition made on account of excise duty not included in the ...

Income Tax

October 9, 2015

Addition made on account of excise duty not included in the closing stock of the finished goods - Though there might be levy under section 3 of the Excise Act, yet neither the rate nor the value would be determinable till the point of time of removal of the excisable goods from the factory premises - No addition - AT

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  4. Inclusion of Excise Duty in valuation of closing stock - AO was right in adding the excise duty in the valuation of the closing stock - HC

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  10. Adjustment of Excise Duty on purchase, sales and closing stock u/s 145A are required to be made - AT

 

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