https://www.taxtmi.com/caselaws?id=65971 The appeal involved the valuation of closing stock at market rate after a firm's dissolution for the assessment year 1980-81. The Income Tax Officer initially assessed the income of the firm but revised it post a partner's demise, valuing stocks at market price. The Appellate Authority Commissioner upheld this valuation method based on tribunal decisions. The tribunal allowed a deduction of Rs. 15,000, considering the unique nature of the business involving cut pieces and dead stock, emphasizing a more realistic appraisal of stock value post-dissolution. The appeal was partially allowed, recognizing the importance of specific business circumstances in stock valuation. en-us Sat, 24 Mar 1984 00:00:00 +0530 Sat, 19 Feb 2011 15:34:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65971 The appeal involved the valuation of closing stock at market rate after a firm's dissolution for the assessment year 1980-81. The Income Tax Officer initially assessed the income of the firm but revised it post a partner's demise, valuing stocks at market price. The Appellate Authority Commissioner upheld this valuation method based on tribunal decisions. The tribunal allowed a deduction of Rs. 15,000, considering the unique nature of the business involving cut pieces and dead stock, emphasizing a more realistic appraisal of stock value post-dissolution. The appeal was partially allowed, recognizing the importance of specific business circumstances in stock valuation. Case-Laws Income Tax Sat, 24 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65971