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          Income Tax

          Which value shall be taken for inventory valuation on the date of dissolution of a partnership firm or AOP or BOI?

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          Inventory valuation on dissolution: value inventory at net realisable value even if business continues thereafter. Inventory existing on the date of dissolution of a partnership firm, association of persons or body of individuals shall be valued at its net realisable value, irrespective of whether the business is discontinued or continues after dissolution.
                            Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                              Provisions expressly mentioned in the judgment/order text.

                                  Inventory valuation on dissolution: value inventory at net realisable value even if business continues thereafter.

                                  Inventory existing on the date of dissolution of a partnership firm, association of persons or body of individuals shall be valued at its net realisable value, irrespective of whether the business is discontinued or continues after dissolution.


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