Valuation of closing stock: market value applies on dissolution or succession, subject to factual determination of succession. Closing stock should be valued at market value where dissolution or succession to a business is established, but applicability of succession is a mixed question of law and fact to be decided case by case using tests of change of ownership, integrity, identity and continuity; revenue authorities may scrutinise transactions for sham devices and capital transfer consequences.
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Provisions expressly mentioned in the judgment/order text.
Valuation of closing stock: market value applies on dissolution or succession, subject to factual determination of succession.
Closing stock should be valued at market value where dissolution or succession to a business is established, but applicability of succession is a mixed question of law and fact to be decided case by case using tests of change of ownership, integrity, identity and continuity; revenue authorities may scrutinise transactions for sham devices and capital transfer consequences.
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