https://www.taxtmi.com/caselaws?id=380457 Excise duty on finished goods lying in closing stock was not required to be included in inventory valuation under section 145A where the duty had not crystallised as a liability and had not been debited to the profit and loss account. The analysis notes that excise duty becomes relevant on removal of goods, and that only tax or duty actually paid or incurred to bring goods to their location and condition can enter closing stock valuation. In the absence of a crystallised liability, the addition made by the Assessing Officer was not justified, and the deletion of the addition was upheld. en-us Fri, 15 Mar 2019 00:00:00 +0530 Tue, 21 May 2019 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380457 Excise duty on finished goods lying in closing stock was not required to be included in inventory valuation under section 145A where the duty had not crystallised as a liability and had not been debited to the profit and loss account. The analysis notes that excise duty becomes relevant on removal of goods, and that only tax or duty actually paid or incurred to bring goods to their location and condition can enter closing stock valuation. In the absence of a crystallised liability, the addition made by the Assessing Officer was not justified, and the deletion of the addition was upheld. Case-Laws Income Tax Fri, 15 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380457