https://www.taxtmi.com/caselaws?id=2069 The High Court ruled in favor of the assessee on both issues. The court held that excise duty should not be included in the valuation of closing stock unless deducted in the excise duty account. Additionally, the court determined that the entire amount of excise and customs duty paid during the year should be fully allowed as a deduction under section 43B of the Income-tax Act. The appeal by the Revenue was dismissed based on legal precedents and established principles. en-us Mon, 26 Feb 2007 00:00:00 +0530 Sat, 02 Aug 2008 10:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2069 The High Court ruled in favor of the assessee on both issues. The court held that excise duty should not be included in the valuation of closing stock unless deducted in the excise duty account. Additionally, the court determined that the entire amount of excise and customs duty paid during the year should be fully allowed as a deduction under section 43B of the Income-tax Act. The appeal by the Revenue was dismissed based on legal precedents and established principles. Case-Laws Income Tax Mon, 26 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2069