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Excise duty rightly excluded from value of closing stock as no goods were cleared from factory

May 17, 2019[2019] 105 taxmann.com 102 (Lucknow - Trib.)/[2019] 176 ITD 518 (Lucknow - Trib.)

IT : Where no excise duty, etc., were added to purchases, sales or valuation of inventories and no excisable item of closing stock was removed from factory premises till end of accounting year, following net method of valuation of closing stock, excise duty had rightly been excluded from value of closing stock of finished goods at year end

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