Excise duty is to be excluded from value of closing stock of finished goods

SUPREME COURT OF INDIA Commissioner of Income-tax, New Delhi Versus Shri Ram Honda Power Equipment Ltd. CIVIL APPEAL NOS. 6721 OF 2012 & OTHERS SEPTEMBER 19, 2012 ORDER Civil Appeal No.6721/2012 @ S.L.P. (C) No.23461/2012: 1. Heard learned counsel on both sides. 2. Delay condoned. 3. Leave granted. 4. The civil appeal filed by the Department concerns Assessment Year 1995-1996. 5. The judgement of the Bombay High Court in the case of CIT v. Indo Nippon Chemical Co. Ltd. [2000] 245 ITR 384 squarely applies to this case and the same has been affirmed by this Court, which is r...