https://www.taxtmi.com/caselaws?id=204128 The ITAT held that excise duty is not to be added to the value of unsold sugar in stock on the last day of the accounting year under Section 145A of the Income Tax Act. The Supreme Court precedent established that excise duty liability crystallizes upon goods clearance, not manufacture. As the unsold sugar remained in stock, no excise duty liability was incurred, aligning with the ITAT's decision. The assessing officer's addition of excise duty was deemed inappropriate, and the judgment favored the assessee, resulting in the appeal's disposal with no costs awarded. en-us Wed, 22 Jun 2011 00:00:00 +0530 Sat, 06 Jun 2015 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204128 The ITAT held that excise duty is not to be added to the value of unsold sugar in stock on the last day of the accounting year under Section 145A of the Income Tax Act. The Supreme Court precedent established that excise duty liability crystallizes upon goods clearance, not manufacture. As the unsold sugar remained in stock, no excise duty liability was incurred, aligning with the ITAT's decision. The assessing officer's addition of excise duty was deemed inappropriate, and the judgment favored the assessee, resulting in the appeal's disposal with no costs awarded. Case-Laws Income Tax Wed, 22 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204128