https://www.taxtmi.com/caselaws?id=289765 The High Court ordered a reconsideration by the Tribunal in a case involving the assessment of closing stock under section 43B of the Act and the inclusion of excise duty in the valuation of closing stock. The Court emphasized the importance of adhering to accounting principles under section 145A of the Finance Act, 2/1998, for determining the correct income of the assessee. The matter was remitted back to the Tribunal for further consideration, keeping all contentions open. en-us Mon, 22 Nov 2010 00:00:00 +0530 Thu, 20 Aug 2020 14:23:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289765 The High Court ordered a reconsideration by the Tribunal in a case involving the assessment of closing stock under section 43B of the Act and the inclusion of excise duty in the valuation of closing stock. The Court emphasized the importance of adhering to accounting principles under section 145A of the Finance Act, 2/1998, for determining the correct income of the assessee. The matter was remitted back to the Tribunal for further consideration, keeping all contentions open. Case-Laws Income Tax Mon, 22 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289765