2007 (8) TMI 779

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..... on the facts and in the circumstances of the case, the Tribunal was correct in law in holding that the Excise Duty on unsold items is to be excluded while determining the value of the closing stock as adopted by the assessee. 2. Whether on the facts and in the circumstances of the case, the Tribunal was correct in holding that the expenditure on account of repairs, taxes which are specifically al .....

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..... Income Tax [2004] 266 ITR 99 (S.C.). In so far as questions no.2 and 3 are concerned, the admitted position is that these are required to be answered in the negative, in favour of the Revenue and against the Assessee in view of the decision in Britannia Industries Ltd. vs. Commissioner of Income Tax and Another [2005] 278 ITR 546 (SC). Reference is disposed of accordingly.
Case laws, Decisio .....

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