ITAT Mumbai in Sunshield Chemicals held that inclusive method of valuation u/s 145A introduced by Finance Bill 1998 wef AY 1999-2000 is not relevant under present regime of indirect taxes and under likely roll out of GST. ITAT also held that only basic customs duty and central sales tax on which credit is not allowed can be said to paid or incurred to bring the inventory to its present location and condition. All other indirect taxes including Vat are more of in nature of current assets to be set off against excise duty/vat payable can be again added to inventories because Supreme Court in Eicher Tractors has held that credit of duty once awarded can not be effaced. Further ITAT following SC in Indo Nippon 261 ITR 275 has said that trading results both for inclusive and exclusive methods shall be same. Comments : Punjab and Haryana High Court in Avery Cycle Indus Ltd. [07-01-2015] has upheld the same view.