https://www.taxtmi.com/caselaws?id=11224 The court ruled in favor of the assessee, holding that excise duty should be excluded from closing stock valuation for income tax purposes. The judgment emphasized the importance of consistent accounting practices and adherence to legal principles, citing the case law precedent that excise duty liability arises only upon completion of the manufacturing process. The court concluded that including excise duty in closing stock valuation without deduction would lead to anomalous results and affirmed that excise duty is not a component of manufacturing cost but is relevant for determining net profit. en-us Mon, 24 Nov 2003 00:00:00 +0530 Sun, 02 Aug 2009 15:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11224 The court ruled in favor of the assessee, holding that excise duty should be excluded from closing stock valuation for income tax purposes. The judgment emphasized the importance of consistent accounting practices and adherence to legal principles, citing the case law precedent that excise duty liability arises only upon completion of the manufacturing process. The court concluded that including excise duty in closing stock valuation without deduction would lead to anomalous results and affirmed that excise duty is not a component of manufacturing cost but is relevant for determining net profit. Case-Laws Income Tax Mon, 24 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11224