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<h1>Poultry birds not capital assets; stock valuation based on realisable value</h1> <h3>L.G. Balakrishnan Versus Commissioner of Income-tax</h3> L.G. Balakrishnan Versus Commissioner of Income-tax - TMI The High Court of Madras ruled that birds and chicks in a poultry farm are not capital assets but part of stock-in-trade. The valuation of stock should be based on cost or market price, whichever is lower. The opening and closing stock of chicks should be based on realisable value.