2003 (11) TMI 38

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.....-The substantial question of law involved in this case is: "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in upholding the order of the Commissioner of Income-tax (Appeals) directing the exclusion of the excise duty from the closing stock valuation?" The assessee is a private limited company carrying on the business of manufacture and sal....

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....nting regularly followed provided the change is bona fide and there is no attempt to evade taxes or hoodwink the Department. It has been held in the case of CIT v. English Electric Co. of India Ltd. [2000] 243 ITR 512 (Mad), that the liability for payment of excise duty is incurred only when the process of manufacture is complete. Such liabilities are shown in the excise duty account maintained....