https://www.taxtmi.com/caselaws?id=66794 The Tribunal dismissed the appeal raised by the revenue, emphasizing the absence of firm dissolution, continuity of the partnership, and the interpretation of partnership agreements. The judgment underscored the importance of contractual arrangements among partners in determining the firm's status and the valuation of closing stock upon alleged dissolution. The Tribunal upheld the CIT (A)'s decision to delete the addition towards undervaluation of closing stock, citing the implied agreement among partners to continue the firm despite changes in composition. en-us Tue, 31 Oct 1989 00:00:00 +0530 Fri, 23 Sep 2011 08:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66794 The Tribunal dismissed the appeal raised by the revenue, emphasizing the absence of firm dissolution, continuity of the partnership, and the interpretation of partnership agreements. The judgment underscored the importance of contractual arrangements among partners in determining the firm's status and the valuation of closing stock upon alleged dissolution. The Tribunal upheld the CIT (A)'s decision to delete the addition towards undervaluation of closing stock, citing the implied agreement among partners to continue the firm despite changes in composition. Case-Laws Income Tax Tue, 31 Oct 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66794