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TMI Blog2013 (11) TMI 1544X X X X Extracts X X X X X X X X Extracts X X X X ..... ully following the aforesaid decision, we hereby direct the AO to restrict the addition to ₹ 61,387/- and delete a sum of ₹ 4,03,662/-, Thus, this ground of assessee’s appeal is allowed to that extent - I.T.A. No.2316/Ahd/2010 - - - Dated:- 28-11-2013 - SHRI N.S. SAINI AND SHRI KUL BHARAT, JJ. For the Appellant : Ms.Urvashi Shodhan, A.R. For the Respondent : Shri K.C. Mathews, Sr.DR 28/11/2013 ORDER PER SHRI KUL BHARAT, JUDICIAL MEMBER : This appeal by the Assessee is directed against the order of the Ld.Commissioner of Income Tax(Appeals)-Valsad ( CIT(A) for short) dated 17/05/2010 pertaining to Assessment Year (AY) 2005-06 and the solitary ground reads as under:- 1. The learned Addl.Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d for all preceding assessment years. As in the closing stock of current year, excise duty of ₹ 4,64,949/- is not included also excise duty of ₹ 4,03,662/- is not included in the opening stock of the current assessment year. The AO has not considered that same consistence policy is followed for all the preceding assessment years. She submitted that AO has not followed the same principles while considering the value of opening stock. She submitted that considering this facts, addition made on this ground are required to be deleted or the additions should be restricted to ₹ 61,287/- considering the valuation of opening stock, which is also exclusive of excise duty. The ld.counsel for the assessee has relied upon the followin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the value of the inventory as per the method of accounting regularly employed by the assessee, the same shall include the amount of any tax, duty, cess or fees paid or liability incurred for the same under any law in force, notwithstanding anything to the contrary contained in Section1 45. The explanation to section 145A provides that for the purposes of this section, any tax, duty, cess or fees (by whatever name called) under any law for the time being in force, shall include all such payment notwithstanding any right arising as a consequence to such payment. In this circumstances the appellant has no choice but to include the excise duty liability for the inventory. Therefore, this ground of appeal is dismissed. 4.1. In the decision ..... X X X X Extracts X X X X X X X X Extracts X X X X
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