https://www.taxtmi.com/caselaws?id=217197 The Supreme Court dismissed the civil appeals by the Department for Assessment Years 1995-1996 and 1997-1998. It upheld the net method of valuation of closing stock and affirmed that MODVAT Credit should be treated as excise duty paid. The Court emphasized the significance of consistent valuation methods and proper treatment of excise duty in financial accounts. The judgment highlighted the impact of these decisions on tax liabilities and financial reporting obligations. en-us Wed, 19 Sep 2012 00:00:00 +0530 Tue, 06 Nov 2018 16:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217197 The Supreme Court dismissed the civil appeals by the Department for Assessment Years 1995-1996 and 1997-1998. It upheld the net method of valuation of closing stock and affirmed that MODVAT Credit should be treated as excise duty paid. The Court emphasized the significance of consistent valuation methods and proper treatment of excise duty in financial accounts. The judgment highlighted the impact of these decisions on tax liabilities and financial reporting obligations. Case-Laws Income Tax Wed, 19 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217197