https://www.taxtmi.com/caselaws?id=756154 Excise duty was considered in relation to whether it could be added to turnover for determining the corporate tax rate under the First Schedule of the Finance (No. 2) Act, 2019 in processing a return under section 143(1). Section 145A was treated as governing inventory valuation and computation of business income, not the tax-rate threshold, and the assessee's exclusive accounting method made the inclusion issue debatable. A debatable adjustment could not be made as a prima facie correction under section 143(1), so the addition of excise duty to turnover for applying the higher rate was not sustained. en-us Fri, 26 Jul 2024 00:00:00 +0530 Sun, 28 Jul 2024 12:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756154 Excise duty was considered in relation to whether it could be added to turnover for determining the corporate tax rate under the First Schedule of the Finance (No. 2) Act, 2019 in processing a return under section 143(1). Section 145A was treated as governing inventory valuation and computation of business income, not the tax-rate threshold, and the assessee's exclusive accounting method made the inclusion issue debatable. A debatable adjustment could not be made as a prima facie correction under section 143(1), so the addition of excise duty to turnover for applying the higher rate was not sustained. Case-Laws Income Tax Fri, 26 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756154