https://www.taxtmi.com/caselaws?id=273254 The High Court dismissed the tax appeals, citing the precedent set in a previous case, ACIT v. Narmada Chematur Petrochemicals Limited. The court held that excise duty cannot be added to closing stock without a balancing deduction in the Profit & Loss account unless the duty is due and payable. The Tribunal's decision emphasized that excise duty should not be included in the valuation of closing stock unless both manufacturing excisable goods and their removal occur, as per excise duty regulations. en-us Wed, 13 Jun 2012 00:00:00 +0530 Wed, 13 Jun 2018 15:07:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273254 The High Court dismissed the tax appeals, citing the precedent set in a previous case, ACIT v. Narmada Chematur Petrochemicals Limited. The court held that excise duty cannot be added to closing stock without a balancing deduction in the Profit & Loss account unless the duty is due and payable. The Tribunal's decision emphasized that excise duty should not be included in the valuation of closing stock unless both manufacturing excisable goods and their removal occur, as per excise duty regulations. Case-Laws Income Tax Wed, 13 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273254