Excise duty element cannot be added to value of unsold sugar lying in stock on last day of accounting year under section 145A

CIT v Loknete Balasaheb Desai S.S.K. Ltd. High Court of Bombay ITA No. 4297 of 2009 Decided on: 22 June 2011 Judgment J.P. Devadhar, J 1. Heard. Admit on the following question of law:- “Whether on the facts and in the circumstances of the case and in law, the ITAT was justified in holding that under section 145A of the Income Tax Act, 1961 the excise duty element cannot be added to the value of unsold sugar lying in stock on the last day of the accounting year?” 2. By consent, appeal is taken up for final hearing. 3. The assessment year involved is AY 2001-02. 4. ...