https://www.taxtmi.com/caselaws?id=35372 The High Court ruled in favor of the assessee on both issues. Regarding the valuation of closing stock, excise duty and custom duty liability were held not to be included in the assessment. The Court emphasized that excise duty liability arises at the point of manufacture and should not be part of the closing stock valuation. Additionally, the assessee was entitled to investment allowance on the additional cost due to a change in the exchange rate, as it was considered part of the actual cost of machinery acquired from a foreign country. The judgment provided detailed legal reasoning based on established principles from previous cases. en-us Tue, 01 Dec 2009 00:00:00 +0530 Fri, 01 Feb 2013 17:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35372 The High Court ruled in favor of the assessee on both issues. Regarding the valuation of closing stock, excise duty and custom duty liability were held not to be included in the assessment. The Court emphasized that excise duty liability arises at the point of manufacture and should not be part of the closing stock valuation. Additionally, the assessee was entitled to investment allowance on the additional cost due to a change in the exchange rate, as it was considered part of the actual cost of machinery acquired from a foreign country. The judgment provided detailed legal reasoning based on established principles from previous cases. Case-Laws Income Tax Tue, 01 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35372