2016 (10) TMI 247

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....Mr. B.S. Soparkar, Advocate for the Opponent JUDGMENT ( PER : HONOURABLE MR.JUSTICE KS JHAVERI ) By way of this appeal under section 260A of the Income-tax Appeal, 1961, the appellant-revenue has challenged the order of the Income-tax Appellate Tribunal, Ahmedabad, (hereinafter referred to as "the Tribunal") whereby the Tribunal has confirmed the order of the Commissioner (Appeals) who ha....

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....lowing substantial question of law: "Whether on the facts and in the circumstances of the case, the Tribunal was right in law to exclude the excise duty at the time of valuing closing stock at the end of accounting? 4. Learned counsel for the revenue Mr. Parikh has contended that the Tribunal has seriously erred in not including excise duty while valuing closing stock at the end of acc....

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.... had been claimed by the assessee. The excise duty payable on the finished goods lying in the closing stock at the end of the relevant accounting period had been paid in subsequent year before the due date of filing of the return of income and that was how the amount was available considering the fact that the assessment had been framed and the show cause notice was issued much after the close of ....

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....ccounting regularly employed. (c) the assessment year being 1997-98 the provisions of section 145A of the Act inserted by the Finance (No. 2) Act, 1998 with effect from April 1, 1999 could not be invoked." 6. We have heard learned counsel for the parties. We have carefully considered the order of the Tribunal and the decision cited by the learned counsel for the assessee. Taking into c....