https://www.taxtmi.com/caselaws?id=69533 The Tribunal upheld the revaluation of closing stock at market rate on the dissolution of the firm, following the Madras High Court's decision. It emphasized that stock-in-trade retains its nature even on dissolution, justifying the addition to assessment. The Tribunal rejected the assessee's argument that the stock had already been valued at market rate during settlement. Consequently, the departmental appeal was allowed, restoring the addition of Rs. 24,088 to the assessment. The case underscores the significance of proper stock valuation on dissolution and the assessment of unrealized profits. en-us Thu, 11 May 1989 00:00:00 +0530 Thu, 07 Apr 2011 14:56:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69533 The Tribunal upheld the revaluation of closing stock at market rate on the dissolution of the firm, following the Madras High Court's decision. It emphasized that stock-in-trade retains its nature even on dissolution, justifying the addition to assessment. The Tribunal rejected the assessee's argument that the stock had already been valued at market rate during settlement. Consequently, the departmental appeal was allowed, restoring the addition of Rs. 24,088 to the assessment. The case underscores the significance of proper stock valuation on dissolution and the assessment of unrealized profits. Case-Laws Income Tax Thu, 11 May 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69533