https://www.taxtmi.com/caselaws?id=66884 The Tribunal upheld the Commissioner's decision to revalue the closing stock at market rates upon the dissolution of the firm. It emphasized that stock-in-trade should be valued at market price upon termination of business activity, in line with legal precedents. The Tribunal also clarified that the firm was considered dissolved upon the death of a partner, leading to a succession scenario rather than a change in constitution. The judgment focused on the correct valuation of stock-in-trade and rejected the appeal, affirming the application of legal principles under the Income Tax Act. en-us Fri, 30 Aug 1996 00:00:00 +0530 Mon, 07 Mar 2011 18:51:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66884 The Tribunal upheld the Commissioner's decision to revalue the closing stock at market rates upon the dissolution of the firm. It emphasized that stock-in-trade should be valued at market price upon termination of business activity, in line with legal precedents. The Tribunal also clarified that the firm was considered dissolved upon the death of a partner, leading to a succession scenario rather than a change in constitution. The judgment focused on the correct valuation of stock-in-trade and rejected the appeal, affirming the application of legal principles under the Income Tax Act. Case-Laws Income Tax Fri, 30 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66884