https://www.taxtmi.com/caselaws?id=299827 The Tribunal upheld the decision of the Principal CIT to add a notional provision of excise duty on closing stock of finished goods, amounting to Rs. 25,73,921, under section 43B of the Act. The appeal of the assessee was dismissed, emphasizing the need for the assessing officer to scrutinize provisions and their impact on financial statements. The contention centered on whether the provision, though not claimed as an expense, should be added under section 43B, with the assessee arguing that it did not affect the profit and loss account due to reversal in subsequent years and actual payment in April 2014. en-us Wed, 13 Nov 2019 00:00:00 +0530 Fri, 31 Dec 2021 08:51:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299827 The Tribunal upheld the decision of the Principal CIT to add a notional provision of excise duty on closing stock of finished goods, amounting to Rs. 25,73,921, under section 43B of the Act. The appeal of the assessee was dismissed, emphasizing the need for the assessing officer to scrutinize provisions and their impact on financial statements. The contention centered on whether the provision, though not claimed as an expense, should be added under section 43B, with the assessee arguing that it did not affect the profit and loss account due to reversal in subsequent years and actual payment in April 2014. Case-Laws Income Tax Wed, 13 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299827