https://www.taxtmi.com/caselaws?id=397531 For valuation under section 145A of the Income-tax Act, closing stock of manufactured liquor was not required to be increased by excise duty on goods still lying in the licensed premises. Excise duty under the Karnataka State Excise Act crystallises only on removal of the goods, not on manufacture alone, so unpaid duty on unsold stock had not become an accrued liability. The Court treated the issue as settled by binding precedent and answered the question of law against the Revenue and in favour of the assessee, upholding the Tribunal's view. en-us Mon, 17 Aug 2020 00:00:00 +0530 Tue, 05 Nov 2024 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397531 For valuation under section 145A of the Income-tax Act, closing stock of manufactured liquor was not required to be increased by excise duty on goods still lying in the licensed premises. Excise duty under the Karnataka State Excise Act crystallises only on removal of the goods, not on manufacture alone, so unpaid duty on unsold stock had not become an accrued liability. The Court treated the issue as settled by binding precedent and answered the question of law against the Revenue and in favour of the assessee, upholding the Tribunal's view. Case-Laws Income Tax Mon, 17 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397531