https://www.taxtmi.com/caselaws?id=66786 The Tribunal upheld the Commissioner's decision to value the closing stock at market rate on the dissolution date, rather than at cost or lower market price. It referenced legal precedents and accounting principles supporting this valuation method, dismissing the assessee's challenges. The Tribunal clarified that the valuation was not based on legal fiction but aimed to determine the market value accurately. Additionally, it directed the exclusion of sales-tax from the gross profit rate for a fair valuation. The appeal was dismissed, emphasizing the significance of valuing closing stock at market price in line with legal and accounting standards. en-us Fri, 08 Jul 1988 00:00:00 +0530 Mon, 07 Mar 2011 12:33:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66786 The Tribunal upheld the Commissioner's decision to value the closing stock at market rate on the dissolution date, rather than at cost or lower market price. It referenced legal precedents and accounting principles supporting this valuation method, dismissing the assessee's challenges. The Tribunal clarified that the valuation was not based on legal fiction but aimed to determine the market value accurately. Additionally, it directed the exclusion of sales-tax from the gross profit rate for a fair valuation. The appeal was dismissed, emphasizing the significance of valuing closing stock at market price in line with legal and accounting standards. Case-Laws Income Tax Fri, 08 Jul 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66786