2016 (7) TMI 962

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....ances of the case, the Tribunal was right in law in confirming the order of the CIT (A) whereby he deleted the addition of Rs. 8,67,671/in the value of closing stock towards excise duty?" 3. Learned Counsel for the assessee has submitted that issue raised in this appeal is identical to one which has been decided by this Court in case of Assistant Commissioner of Incometax V. Narmada Chematur Petrochemicals Ltd. [2010] 327 ITR 369 (Guj) and placed reliance upon following paragraphs: "29. The position in law is well settled that making of an entry or absence of an entry cannot determine rights and liabilities of parties. In other words, if the law does not lead to incurring of a liability, or does not lead to a corresponding right to in....

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....eks to insert a new section 145A in the Income-tax Act relating to method of computation of opening and closing stock. It is proposed that while computing the value of the inventory as on the 1st and last day of the previous year, the computation according to the method of accounting regularly employed by the assessee shall be adjusted to include the amount of any tax, duty, cess or fees paid or liability incurred for the same under any law in force. This amendment is proposed as valuation of inventory after this adjustment will present the correct value. This amendment will take effect retrospectively from 1st April, 1986, and will, accordingly, apply in relation to the assessment year 1986-87 and subsequent years." ....