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 Please become a Premium member. If you are already a Premium member, login here to access the full content.