https://www.taxtmi.com/caselaws?id=330364 The High Court upheld the ITAT order regarding the deletion of an addition in the closing stock value towards excise duty for the assessment year 1997-98. The Court affirmed that legal provisions supersede accounting practices in tax matters, emphasizing the retrospective effect of Section 145-A of the Income Tax Act. By excluding excise duty from the valuation of closing stock, the Court aligned with previous judgments and principles, dismissing the appeal in favor of the assessee to ensure accurate application of tax laws. en-us Wed, 13 Jul 2016 00:00:00 +0530 Sat, 23 Jul 2016 19:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330364 The High Court upheld the ITAT order regarding the deletion of an addition in the closing stock value towards excise duty for the assessment year 1997-98. The Court affirmed that legal provisions supersede accounting practices in tax matters, emphasizing the retrospective effect of Section 145-A of the Income Tax Act. By excluding excise duty from the valuation of closing stock, the Court aligned with previous judgments and principles, dismissing the appeal in favor of the assessee to ensure accurate application of tax laws. Case-Laws Income Tax Wed, 13 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330364