2007 (2) TMI 203

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....peal is directed against the order of the Income-tax Appellate Tribunal dated May 2, 2003, made in I.T.A. No. 236/Mds/1994 for the assessment year 1986-87, and is admitted on the following questions of law: "(i) Whether, on the facts and circumstances of the case, the Tribunal was right in holding that the excise and customs duty component had to be excluded from the value of closing stock? and....

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....ench of the Tribunal in ITO v. Food Specialities Ltd. [1994] 49 ITD 21 wherein it was held that no part of the duty which is related to the goods that remained unsold at the close of the year should be added to the charge of the closing stock. Being exasperated, the Revenue has preferred this appeal raising the substantial questions of law referred to above. It is fairly conceded by learned sen....