COMMISSIONER OF INCOME TAX vs M/S SOUTH INDIA SUGAR LTD. — C.A. No. 4328/2001

Case Summary: C.A. No. 004328/2001 Outcome: The Supreme Court disposed of the appeal on December 18, 2002, declaring the assessment order dated 26.4.1995 as the final assessment order for AY 1992-93. The Court set aside the Tribunal and High Court orders concerning this specific assessment year, while permitting the assessee to raise the excise duty inclusion issue in future assessments for other years. Key Issue: Whether excise duty should be included in closing stock valuation and whether the assessee could claim deduction under Section 43-B of the Income Tax Act. Disposition: The matter became academic as the assessee had already paid excise duty before filing returns and obtained allowed deductions. No remand to the High Court was deemed necessary. This case analysis is maintained by casestatus.in based on publicly available court records.