Tribunal held that ,if the assessee followed the exclusive method of accounting, i. e., when the assessee accounted for the excise duty and taxes paid or charged under the head “current asset” and recorded purchases net of taxes then as per the accounting method the assessee was not required to add the excise duty and other taxes while valuing the closing stock or else the figures of trading/manufacturing account would stand distorted. The assessee followed the exclusive method of accounting for many years and, therefore, the action taken by the Assessing Officer was not justified. Followed ,CIT v. Indo Nippon Chemicals Co. Ltd. ( 2003) 261 ITR 275 (SC)