whether provision for excise duty on finished good laying in closing stock shall be allowed as deduction under the income tax act
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Hi I am of the opinion that Yes , excise duty will be included in computation of inventory as per section 145A of income tax act ,1961, reason being as per section 3 of excise act taxable event is manufacture and for the adminstrative convenience it is bieng calculated at the time of removal so it is definitely the cost incurred to bring the inventory to present location and condition and same is also bieing opined in guidance note on excise treatment and also the same treatment is to be done in accounting too .
AGREE WITH CA SHASHANK
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