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| The Tax Publishers2020 TaxPub(DT) 0021 (SC) : (2019) 267 TAXMAN 0383 INCOME TAX ACT, 1961
Section 261 Section 145A
Where the assessee preferred SLP to appeal against the judgment of Allahabad High Court in Kisan Sahkari Chini Mills Ltd. v. CIT [ITA No. 3 of 2007, dt. 18-11-2009] : 2020 TaxPub(DT) 544 (All-HC), whereby the High Court held that the excise duty is payable as soon as excisable item is produced or manufactured liability to pay the excise duty does not depend on any subsequent event although it may be collected after sometime, further if interpretation which was sought to be placed by assessee is accepted, sub-section (b) of section 145A would become redundant, Supreme Court granted leave to assessee.
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Appeal (Supreme Court) - Special leave petition - Accounting method - Computations of profit--Assessee had not debited the amount of excise duty in its books of account
Department preferred SLP to appeal against the judgement of Allahabad High Court in Kisan Sahkari Chini Mills Ltd. v. CIT [ITA No. 3 of 2007, dt. 18-11-2009] : 2020 TaxPub(DT) 544 (All-HC), whereby the High Court held that the excise duty is payable as soon as excisable item is produced or manufactured liability to pay the excise duty does not depend on any subsequent event although it may be collected after sometime, further if interpretation which was sought to be placed by assessee is accepted, sub-section (b) of section 145A would become redundant.Held: The Supreme Court granted leave to assessee to appeal thereagainst.
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