Tribunal held that where no excise duty, etc., were added to purchases, sales or valuation of inventories and no excisable item of closing stock was removed from factory premises till end of accounting year, following net method of valuation of closing stock, excise duty had rightly been excluded from value of closing stock of finished goods at year end. (AY.2014-15)
ACIT v. U.P. Asbestos Ltd. (2019) 176 ITD 518/ 200 TTJ 886/ 180 DTR 305 (Luck)(Trib.)
S. 145A : Method of accounting – Valuation of stock- Excise duty- Not added to purchases, sales or valuation of inventories – Valuation of closing stock, excise duty had rightly been excluded from value of closing stock of finished goods at end of accounting period.