https://www.taxtmi.com/caselaws?id=251245 The High Court overturned the Assessing Officer's disallowance of excise duty under Section 43B, citing Section 145A's requirement for actual payment of duty. It clarified that excise duty liability arises upon goods clearance, not manufacture, thus excluding duty on unsold stock. The case emphasized accurate closing stock valuation under Section 145A, directing a reevaluation by the Tribunal for factual verification and legal assessment. The judgment clarified excise duty timing and valuation principles, providing guidance on Section 145A's application in determining excise duty liability. en-us Mon, 01 Sep 2014 00:00:00 +0530 Mon, 09 Feb 2015 17:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251245 The High Court overturned the Assessing Officer's disallowance of excise duty under Section 43B, citing Section 145A's requirement for actual payment of duty. It clarified that excise duty liability arises upon goods clearance, not manufacture, thus excluding duty on unsold stock. The case emphasized accurate closing stock valuation under Section 145A, directing a reevaluation by the Tribunal for factual verification and legal assessment. The judgment clarified excise duty timing and valuation principles, providing guidance on Section 145A's application in determining excise duty liability. Case-Laws Income Tax Mon, 01 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251245