https://www.taxtmi.com/caselaws?id=202159 Excise duty not yet due and payable on the valuation date could not be added to the closing stock of finished goods for income-tax purposes. Closing stock is valued on ordinary commercial accounting principles, ordinarily at cost or market price, whichever is lower, unless displaced by statute; here, the excise levy became enforceable only on the statutory trigger of removal, so no accrued liability existed when the goods remained in stock. The general principle in British Paints did not justify loading a not-yet-incurred statutory liability into stock valuation, and section 145A of the Income-tax Act, 1961 was not applicable to the assessment year. The Tribunal's exclusion of excise duty from closing stock was upheld. en-us Thu, 08 Apr 2010 00:00:00 +0530 Thu, 29 Jan 2026 16:30:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202159 Excise duty not yet due and payable on the valuation date could not be added to the closing stock of finished goods for income-tax purposes. Closing stock is valued on ordinary commercial accounting principles, ordinarily at cost or market price, whichever is lower, unless displaced by statute; here, the excise levy became enforceable only on the statutory trigger of removal, so no accrued liability existed when the goods remained in stock. The general principle in British Paints did not justify loading a not-yet-incurred statutory liability into stock valuation, and section 145A of the Income-tax Act, 1961 was not applicable to the assessment year. The Tribunal's exclusion of excise duty from closing stock was upheld. Case-Laws Income Tax Thu, 08 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202159