https://www.taxtmi.com/caselaws?id=242595 The High Court of Gujarat upheld the exclusion of excise duty from the valuation of closing stock of finished goods, following a Division Bench precedent. The court ruled that adding excise duty to the closing stock value would disrupt regular accounting methods and affect future profits. Additionally, the court differentiated between interest types for deduction under section 80IA, allowing deduction for interest from Bank Guarantee Deposits and Letter of Credit but not for interest on delayed payments. The appeal was partly allowed, with the court ruling in favor of the revenue on interest from delayed payments and against on interest from Bank Guarantee Deposits and Letter of Credit. en-us Thu, 26 Dec 2013 00:00:00 +0530 Sat, 18 Jan 2014 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242595 The High Court of Gujarat upheld the exclusion of excise duty from the valuation of closing stock of finished goods, following a Division Bench precedent. The court ruled that adding excise duty to the closing stock value would disrupt regular accounting methods and affect future profits. Additionally, the court differentiated between interest types for deduction under section 80IA, allowing deduction for interest from Bank Guarantee Deposits and Letter of Credit but not for interest on delayed payments. The appeal was partly allowed, with the court ruling in favor of the revenue on interest from delayed payments and against on interest from Bank Guarantee Deposits and Letter of Credit. Case-Laws Income Tax Thu, 26 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242595