https://www.taxtmi.com/caselaws?id=69045 The Tribunal dismissed the appeals, upholding the decision of the authorities to reject the claim for revising the value of the opening stock in the assessment year 1982-83. It was determined that the assessee, as the successor to the firm's business, could not seek revision based on the revaluation of the closing stock by the Income Tax Department. The Tribunal emphasized the principle of valuing stocks on a real basis rather than a notional one, particularly in cases of business closure. The claim for revaluation was denied based on the specific circumstances and legal principles applied. en-us Wed, 24 Apr 1991 00:00:00 +0530 Mon, 04 Apr 2011 17:33:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69045 The Tribunal dismissed the appeals, upholding the decision of the authorities to reject the claim for revising the value of the opening stock in the assessment year 1982-83. It was determined that the assessee, as the successor to the firm's business, could not seek revision based on the revaluation of the closing stock by the Income Tax Department. The Tribunal emphasized the principle of valuing stocks on a real basis rather than a notional one, particularly in cases of business closure. The claim for revaluation was denied based on the specific circumstances and legal principles applied. Case-Laws Income Tax Wed, 24 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69045