https://www.taxtmi.com/caselaws?id=169877 The Tribunal ruled in favor of the Assessee, setting aside the lower authorities' decisions. It held that excise duty should not be included in the closing stock valuation unless the goods have been cleared, as excise duty liability crystallizes upon clearance, not manufacture. The decision was based on the interpretation that excise duty is not payable immediately upon production, contrary to the Assessing Officer's contention. en-us Mon, 24 Mar 2014 00:00:00 +0530 Sat, 01 Nov 2014 15:38:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169877 The Tribunal ruled in favor of the Assessee, setting aside the lower authorities' decisions. It held that excise duty should not be included in the closing stock valuation unless the goods have been cleared, as excise duty liability crystallizes upon clearance, not manufacture. The decision was based on the interpretation that excise duty is not payable immediately upon production, contrary to the Assessing Officer's contention. Case-Laws Income Tax Mon, 24 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169877