Excise duty not to be included in valuation of closing stock – Supreme Court

SUPREME COURT OF INDIA Assistant Commissioner of Income-tax Versus Torrent Cables Ltd. PETITION FOR SPECIAL LEAVE TO APPEAL (CIVIL) NO. 32817 OF 2010 CIVIL APPEAL NO. 6927 OF 2012 SEPTEMBER 25, 2012 ORDER 1. Heard learned counsel on both sides. 2. Leave granted. 3. This civil appeal filed by the Department concerns Assessment Year 1995-1996. 4. On going through the records, we find that the assessee Company has been following the net method for valuing the closing stock. It includes excise duty at the time of removal of goods. Following the order of this Court in the case of C...