On appeal, the High Court held that the provisions of Section 145A of the Act inserted w.e.f. April 1, 1999 are clarificatory in nature and would be applicable even for assessment years prior to AY 1999-2000.  Further, the excise duty becomes payable the moment excisable goods are manufactured, hence excise duty has to be included in the value of closing stock of finished goods irrespective of the fact whether the assessee has paid the excise duty or not. Appeal of the revenue is allowed.  (AY. 1997-1998)