1 itxa470-10 agk IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.470 OF 2010 The Commissioner of Income Tax - I, Nashik ..Appellant. Versus Bedmutha Wire Company Limited ..Respondent. Mr.Vimal Gupta for the appellant. Mr.S.N. Inamdar for the respondent. CORAM : J.P. Devadhar & A.A. Sayed, JJ. DATE : 20th July, 2011. P.C. : 1. The question of law as framed by the Revenue, which reads thus : "Whether on the facts and in the circumstances of the case and in law the Tribunal was justified in deleting the addition made in by the Assessing Officer of Rs.61,17,308/- being excise duty not included in Closing Stock by the Assessee as required under Section 145A of the Income-tax Act? 2. Admittedly, the manufactured goods have not been cleared from the factory gate. In such a case, question of including the excise duty element in the valuation of the closing stock does not arise. No fault can be found with the order of the Tribunal in holding that the excise duty element is not includible in the valuation of the closing stock. The appeal is accordingly dismissed with no order as to costs. (A.A. Sayed, J.) (J.P. Devadhar, J.)