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TMI Blog2015 (1) TMI 1067X X X X Extracts X X X X X X X X Extracts X X X X ..... wherein held excise duty is required to be excluded at the time of valuation of the closing stock on finished goods at the end of the accounting period, the question is answered accordingly. The Tribunal was justified in law in holding that the excise duty should not be taken into account for valuation of the closing stock. - Decided in favour of assessee. - Tax Appeal No. 1414 of 2007, Tax Appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Tax Appeal Nos.1414/2007 and 1419/2007 and Mr. Manish J. Shah, learned counsel appearing for the respondent - assessee in Tax Appeal No.1421/2007 3. When the matter is taken up for hearing, it has been brought to our notice that the present appeals were admitted together with Tax Appeal No.1485 of 2007. However, subsequently, Tax Appeal No.1485 of 2007 was segregated and the same came to be sepa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act), the appellant revenue has challenged order dated 22nd September, 2006 made by the Income Tax Appellate Tribunal, Ahmedabad Bench 'D' Camp at Baroda (the Tribunal) in ITA No.3515/Ahd/2002 for assessment year 1996-97. 2. While admitting the appeal, this Court had, vide order dated 06th December, 2007, formulated the following substantial question of law:- Whether on the facts and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sary to set out the facts and contentions in detail. 5. Hence, for the reasons stated in the decision of this Court in Assistant Commissioner of Income- Tax vs. Narmada Chematur Petrochemicals Ltd. (supra), the question is answered accordingly. The Tribunal was justified in law in holding that the excise duty should not be taken into account for valuation of the closing stock. The appeal is acc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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