https://www.taxtmi.com/caselaws?id=196805 The Tribunal ruled in favor of the Assessee on all issues. The Excise Duty on unsold items is to be excluded from closing stock value. Expenses on repairs and taxes are allowable under specific sections of the Income-tax Act. Additionally, expenses on rent/repairs and depreciation of Guest House were allowed. The relief of custom duty paid included in closing stock was deemed allowable under sec. 43-B. The decisions were supported by relevant case law, resulting in a favorable outcome for the Assessee against Revenue. en-us Fri, 10 Aug 2007 00:00:00 +0530 Fri, 15 Dec 2017 15:41:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196805 The Tribunal ruled in favor of the Assessee on all issues. The Excise Duty on unsold items is to be excluded from closing stock value. Expenses on repairs and taxes are allowable under specific sections of the Income-tax Act. Additionally, expenses on rent/repairs and depreciation of Guest House were allowed. The relief of custom duty paid included in closing stock was deemed allowable under sec. 43-B. The decisions were supported by relevant case law, resulting in a favorable outcome for the Assessee against Revenue. Case-Laws Income Tax Fri, 10 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196805