If liability to pay Excise duty is not incurred, excise duty is not to be included in closing stock:

Under the scheme of excise duty, an assessee incurs liability to pay excise duty only upon both the events taking place, namely manufacture of excisable goods and removal of excisable goods. Accordingly, if such a liability in not incurred, excise duty is not to be included in the valuation of closing stock.

[BELL GRANITO CERAMICA LTD. - TAX APPEAL No.436 with 437 of 2011 - GHC]