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TMI Blog2011 (5) TMI 556X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment year 1997-1998 dated 26-11-1997 and in valuing the closing stock, had not taken into consideration the excise duty - Held that:- As per the judgment of CIT v. British Paints India Ltd. [1990 (12) TMI 2 - SUPREME Court] held that when the market value has fallen, the excise duty paid need not be included as part of the closing stock even when the stock has continued during the current ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 145A of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') when the item of stock continued to lay with the assessee during the assessment year. 3. The assessee filed a return of income for the assessment year 1997-1998 dated 26-11-1997 and in valuing the closing stock, had not taken into consideration the excise duty and assessment order was passed by the Assessing Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeal is no longer res integra and the Hon'ble Supreme Court in British Paints India Ltd. (supra) has held that when the market value has fallen, the excise duty paid need not be included as part of the closing stock even when the stock has continued during the current assessment year. The impugned order of the Tribunal is justified as the question of law is answered against the revenue. However ..... X X X X Extracts X X X X X X X X Extracts X X X X
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