https://www.taxtmi.com/caselaws?id=221566 The High Court upheld the Tribunal's decision to include Excise Duty in the valuation of closing stock for a small scale unit manufacturing Industrial Knives. The Court emphasized the principle of valuing closing stock at cost or market price, whichever is lower, to determine profit or loss. Despite the appellant's argument of excise duty exemption for small scale industries, the Court found the inclusion necessary for consistency in stock valuation. The appeal was dismissed, affirming the Assessing Authority's addition of Excise Duty to the closing stock valuation for Assessment Year 2001-02. en-us Mon, 11 Mar 2013 00:00:00 +0530 Mon, 18 Mar 2013 15:56:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221566 The High Court upheld the Tribunal's decision to include Excise Duty in the valuation of closing stock for a small scale unit manufacturing Industrial Knives. The Court emphasized the principle of valuing closing stock at cost or market price, whichever is lower, to determine profit or loss. Despite the appellant's argument of excise duty exemption for small scale industries, the Court found the inclusion necessary for consistency in stock valuation. The appeal was dismissed, affirming the Assessing Authority's addition of Excise Duty to the closing stock valuation for Assessment Year 2001-02. Case-Laws Income Tax Mon, 11 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221566