https://www.taxtmi.com/caselaws?id=377537 The Appeal challenging the Tribunal's decision on the deduction under Section 43B of the Income Tax Act for provision of excise duty on obsolete inventory was dismissed. The Tribunal held that the excise duty liability and its payment before the due date of filing the return were sufficient, even if there was no direct correlation between the excise duty paid and the manufactured goods. The Appeal was also dismissed concerning the valuation of closing stock based on internal guidelines, as the Assessee's method was consistent and accepted by the Department, with no legal question arising from the issue. en-us Mon, 25 Mar 2019 00:00:00 +0530 Fri, 29 Mar 2019 18:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377537 The Appeal challenging the Tribunal's decision on the deduction under Section 43B of the Income Tax Act for provision of excise duty on obsolete inventory was dismissed. The Tribunal held that the excise duty liability and its payment before the due date of filing the return were sufficient, even if there was no direct correlation between the excise duty paid and the manufactured goods. The Appeal was also dismissed concerning the valuation of closing stock based on internal guidelines, as the Assessee's method was consistent and accepted by the Department, with no legal question arising from the issue. Case-Laws Income Tax Mon, 25 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377537