https://www.taxtmi.com/article/detailed?id=1911 Excise duty is part of closing stock valuation only if the excise duty relating to that stock has been debited in the profit and loss account. Where excise is not debited, it should be excluded from inventory value; where it is debited but unpaid, tax adjustments follow the payment-based deduction principle and the duty becomes allowable in the year of actual payment. Courts have held that excise for manufactured goods lying unsold does not crystallise until clearance and therefore need not be added to closing stock unless reflected in accounts. en-us Fri, 05 Oct 2012 08:07:03 +0530 Fri, 05 Oct 2012 16:34:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1911 Excise duty is part of closing stock valuation only if the excise duty relating to that stock has been debited in the profit and loss account. Where excise is not debited, it should be excluded from inventory value; where it is debited but unpaid, tax adjustments follow the payment-based deduction principle and the duty becomes allowable in the year of actual payment. Courts have held that excise for manufactured goods lying unsold does not crystallise until clearance and therefore need not be added to closing stock unless reflected in accounts. Articles Central Excise Fri, 05 Oct 2012 08:07:03 +0530 https://www.taxtmi.com/article/detailed?id=1911