Validity of exclusive method of accounting for valuing closing stock

Ms. Adani Gas Ltd. Vs DCIT (ITAT Ahmedabad) Conclusion: Assessee was justified in following exclusive method of accounting for valuation of closing stock as entire exercise was tax neutral and there was no impact on the profitability of assessee due to method of accounting followed. Held: While it was a case of Revenue that the element of excise duty/CENVAT etc. would represent part of the closing stock of assessee in terms of Section 145A, it is the case of the assessee on the other hand that Section 145A had no application to the facts of the case. It was further case of assessee that assess...