https://www.taxtmi.com/caselaws?id=273824 The court held that the inclusion of excise duty in the valuation of closing stock is mandatory under Section 145A of the Income Tax Act to reflect the true value of the stock and determine the correct taxable income. It emphasized that excise duty should be included in both opening and closing stock valuations. Regarding the applicability of Circular No. 3/2011, the court ruled that the revenue cannot file appeals if the tax effect is below Rs. 10 lakhs, except in cases of multiple years with varying tax effects. The appeals were disposed of, allowing the revenue to seek revival pending a Supreme Court ruling on the circular's prospective effect. en-us Thu, 04 Oct 2012 00:00:00 +0530 Mon, 06 Aug 2018 11:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273824 The court held that the inclusion of excise duty in the valuation of closing stock is mandatory under Section 145A of the Income Tax Act to reflect the true value of the stock and determine the correct taxable income. It emphasized that excise duty should be included in both opening and closing stock valuations. Regarding the applicability of Circular No. 3/2011, the court ruled that the revenue cannot file appeals if the tax effect is below Rs. 10 lakhs, except in cases of multiple years with varying tax effects. The appeals were disposed of, allowing the revenue to seek revival pending a Supreme Court ruling on the circular's prospective effect. Case-Laws Income Tax Thu, 04 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273824