https://www.taxtmi.com/caselaws?id=251297 The case centered on the valuation of closing stock and the interpretation of Section 145A of the Income Tax Act, 1961. The court ruled in favor of the respondent-assessee, emphasizing that excise duty should be treated as an expenditure in the profit and loss account to balance with the increase in the valuation of closing stock. The judgment highlighted the necessity of actual payment or incurring of taxes for inclusion in the valuation, ultimately dismissing the appeal by the Revenue and resolving the substantial question of law in favor of the respondent-assessee. en-us Wed, 03 Sep 2014 00:00:00 +0530 Wed, 10 Sep 2014 10:03:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251297 The case centered on the valuation of closing stock and the interpretation of Section 145A of the Income Tax Act, 1961. The court ruled in favor of the respondent-assessee, emphasizing that excise duty should be treated as an expenditure in the profit and loss account to balance with the increase in the valuation of closing stock. The judgment highlighted the necessity of actual payment or incurring of taxes for inclusion in the valuation, ultimately dismissing the appeal by the Revenue and resolving the substantial question of law in favor of the respondent-assessee. Case-Laws Income Tax Wed, 03 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251297