https://www.taxtmi.com/caselaws?id=333227 The High Court upheld the exclusion of excise duty in the valuation of closing stock at the end of the accounting period. The court found no error in the Tribunal's decision to exclude excise duty, emphasizing that the assessee had not claimed a deduction for the liability and had paid the excise duty in the subsequent year before the due date of filing the return of income. The court determined that adding excise duty to the closing stock value would impact profits in the next accounting period, resulting in a revenue-neutral outcome over time. The appeal was dismissed in favor of the assessee. en-us Thu, 07 Jul 2016 00:00:00 +0530 Fri, 07 Oct 2016 17:49:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333227 The High Court upheld the exclusion of excise duty in the valuation of closing stock at the end of the accounting period. The court found no error in the Tribunal's decision to exclude excise duty, emphasizing that the assessee had not claimed a deduction for the liability and had paid the excise duty in the subsequent year before the due date of filing the return of income. The court determined that adding excise duty to the closing stock value would impact profits in the next accounting period, resulting in a revenue-neutral outcome over time. The appeal was dismissed in favor of the assessee. Case-Laws Income Tax Thu, 07 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333227