https://www.taxtmi.com/caselaws?id=67623 The Tribunal directed the Assessing Officer to reevaluate the closing stock of a business converted from a proprietary concern to a partnership firm, instructing that in cases of business continuity post-conversion, the closing stock should be valued at cost or market price, whichever is lower. Grounds 2 and 3 of the appeal were dismissed, but the appeal was partially allowed for statistical purposes. en-us Tue, 08 Feb 2005 00:00:00 +0530 Fri, 11 Mar 2011 19:11:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67623 The Tribunal directed the Assessing Officer to reevaluate the closing stock of a business converted from a proprietary concern to a partnership firm, instructing that in cases of business continuity post-conversion, the closing stock should be valued at cost or market price, whichever is lower. Grounds 2 and 3 of the appeal were dismissed, but the appeal was partially allowed for statistical purposes. Case-Laws Income Tax Tue, 08 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67623