https://www.taxtmi.com/caselaws?id=56562 Section 145A requires valuation of closing stock to include taxes and duties actually paid or incurred to bring goods to their relevant condition and location. In relation to excise duty on goods lying in a bonded warehouse, duty becomes payable only on removal from the warehouse or approved storage, so no liability had accrued and no duty had been paid or incurred on those goods as on the valuation date. On that basis, such duty could not be added to closing stock. The Commissioner's view that it was necessarily includible was therefore incorrect, and revision under section 263 was not sustainable. en-us Mon, 17 Jul 2006 00:00:00 +0530 Mon, 16 Jul 2012 18:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56562 Section 145A requires valuation of closing stock to include taxes and duties actually paid or incurred to bring goods to their relevant condition and location. In relation to excise duty on goods lying in a bonded warehouse, duty becomes payable only on removal from the warehouse or approved storage, so no liability had accrued and no duty had been paid or incurred on those goods as on the valuation date. On that basis, such duty could not be added to closing stock. The Commissioner's view that it was necessarily includible was therefore incorrect, and revision under section 263 was not sustainable. Case-Laws Income Tax Mon, 17 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56562