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Inclusion of ex.duty in clg stock

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Querist : Anonymous

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Querist : Anonymous (Querist)
04 November 2012 is there any evasion being done in excise or incme tax if excise duty has been included in closing stock and equal provision created on liablities side, also in trading and profit and loss a/c closing stock is exclusive of excise duty....i.e. no effect in p/l as such
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Amol S Joglekar

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Amol S Joglekar (Expert)
04 November 2012 If the consistency principle is followed, then there is no any breach of either escise or income tax.
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