https://www.taxtmi.com/caselaws?id=16394 The court held that excise duty paid on goods in the company's depot at year-end need not be included in the closing stock of finished goods. Regarding a payment to the executive director, it was deemed 'profits in lieu of salary' under section 40A(5) of the Income-tax Act, 1961, as it was considered a special bonus for exceptional services. The court agreed with the Tribunal's decision, ruling in favor of the Revenue and against the assessee. The reference was disposed of with no order as to costs. en-us Wed, 25 Nov 1998 00:00:00 +0530 Mon, 07 Sep 2009 15:05:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16394 The court held that excise duty paid on goods in the company's depot at year-end need not be included in the closing stock of finished goods. Regarding a payment to the executive director, it was deemed 'profits in lieu of salary' under section 40A(5) of the Income-tax Act, 1961, as it was considered a special bonus for exceptional services. The court agreed with the Tribunal's decision, ruling in favor of the Revenue and against the assessee. The reference was disposed of with no order as to costs. Case-Laws Income Tax Wed, 25 Nov 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16394