Excise duty as manufacturing cost: require inclusion in inventory valuation and reassessment where omitted under tax law. Excise duty and customs duty are to be treated as manufacturing expenses and included as an element of cost for inventory valuation. Where pending assessments have not included these duties in cost price, action under the proviso to the relevant income tax accounting provision should be taken; where assessments are completed, steps permitted by law may be taken to reopen them.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Excise duty as manufacturing cost: require inclusion in inventory valuation and reassessment where omitted under tax law.
Excise duty and customs duty are to be treated as manufacturing expenses and included as an element of cost for inventory valuation. Where pending assessments have not included these duties in cost price, action under the proviso to the relevant income tax accounting provision should be taken; where assessments are completed, steps permitted by law may be taken to reopen them.
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