https://www.taxtmi.com/caselaws?id=71620 Excise duty on finished goods in closing stock accrues on manufacture, because the charging provision fixes the taxable event at production and the rules govern only collection and payment. The assessee, maintaining mercantile accounts, could claim deduction for a provision made toward that accrued liability, and later payment did not defeat the deduction. The contention that the duty amount had to be added to closing stock was rejected, since the liability had already arisen on manufacture. The revenue's adjustment on this issue was deleted. en-us Fri, 02 Feb 2001 00:00:00 +0530 Thu, 28 Apr 2016 17:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71620 Excise duty on finished goods in closing stock accrues on manufacture, because the charging provision fixes the taxable event at production and the rules govern only collection and payment. The assessee, maintaining mercantile accounts, could claim deduction for a provision made toward that accrued liability, and later payment did not defeat the deduction. The contention that the duty amount had to be added to closing stock was rejected, since the liability had already arisen on manufacture. The revenue's adjustment on this issue was deleted. Case-Laws Income Tax Fri, 02 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71620