Supreme Court [2012] 26 taxmann.com 331 (SC) SEPTEMBER 19, 2012
Section 145 of the Income-tax Act, 1961 - Method of accounting - Valuation of stock - Excise duty - Assessment years 1995-96 and 1997-98 - Whether where assessee is following net method of valuation of closing stock, excise duty is to be excluded from value of closing stock of finished goods at end of accounting period - Held, yes [Para 5] [In favour of assessee]
The judgement of the Bombay High Court in the case of CIT v. Indo Nippon Chemical Co. Ltd. [2000] 245 ITR 384/112 Taxman 555 squarely applies to this case and the same has been affirmed by this Court, which is reported in CIT v. Indo Nippon Chemicals Co. Ltd.[2003] 261 ITR 275/130 Taxman 179 (SC)
Section 145 of the Income-tax Act, 1961 - Method of accounting - Valuation of stock - Excise duty - Assessment years 1995-96 and 1997-98 - Whether where assessee is following net method of valuation of closing stock, excise duty is to be excluded from value of closing stock of finished goods at end of accounting period - Held, yes [Para 5] [In favour of assessee]
The judgement of the Bombay High Court in the case of CIT v. Indo Nippon Chemical Co. Ltd. [2000] 245 ITR 384/112 Taxman 555 squarely applies to this case and the same has been affirmed by this Court, which is reported in CIT v. Indo Nippon Chemicals Co. Ltd.[2003] 261 ITR 275/130 Taxman 179 (SC)
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