M/S SRF LTD. vs. COMMISSIONER OF INCOME TAX DEL

Heard.

Admit.

After hearing learned counsel for the parties, the following substantial questions of law are framed for determination:- (i)Whether on facts and circumstances of the case and in law, Tribunal was right in upholding reopening of assessment under Section 148 of the Act for the reason that excise duty embedded in closing stock did not include advance payment of excise duty in PLA and as such, income chargeable to tax had escaped assessment? . . . ITA 1022/2006 Page 1 of 2 . . (ii) Whether advance excise duty in PLA, which was not relatable to stock of finished goods, was includible in valuation of closing stock, particularly in the light of Berger Paints India Ltd. vs. Commissioner of Income Tax, [2004] 266 ITR 99? .

Paper books be filed in accordance with High Court Rules.

List in due course. . . . . VIKRAMAJIT SEN, J . . . . S. MURALIDHAR, J NOVEMBER 14, 2006 nj . ITA 1022/2006 Page 2 of 2 . . . 73 .