https://www.taxtmi.com/circulars?id=9397 Excise duty and customs duty are to be treated as manufacturing expenses and included as an element of cost for inventory valuation. Where pending assessments have not included these duties in cost price, action under the proviso to the relevant income tax accounting provision should be taken; where assessments are completed, steps permitted by law may be taken to reopen them. en-us Tue, 24 Mar 1981 00:00:00 +0530 Sat, 04 Jun 2011 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9397 Excise duty and customs duty are to be treated as manufacturing expenses and included as an element of cost for inventory valuation. Where pending assessments have not included these duties in cost price, action under the proviso to the relevant income tax accounting provision should be taken; where assessments are completed, steps permitted by law may be taken to reopen them. Circulars Income Tax Tue, 24 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9397