https://www.taxtmi.com/caselaws?id=69538 The Tribunal held that the valuation of closing stock at market value was not required upon the dissolution of a firm and continuation by a successor firm. It emphasized that the principle of cost or market value, whichever is less, should be maintained for a continuing business. The Tribunal ruled that revaluing the stock solely due to the dissolution of the firm was unnecessary, as the business was not discontinued but succeeded by another entity. Consequently, the Tribunal allowed the appeal and canceled the Commissioner of Income-tax's order under section 263 of the Income-tax Act, 1961. en-us Thu, 03 Aug 1989 00:00:00 +0530 Thu, 07 Apr 2011 15:05:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69538 The Tribunal held that the valuation of closing stock at market value was not required upon the dissolution of a firm and continuation by a successor firm. It emphasized that the principle of cost or market value, whichever is less, should be maintained for a continuing business. The Tribunal ruled that revaluing the stock solely due to the dissolution of the firm was unnecessary, as the business was not discontinued but succeeded by another entity. Consequently, the Tribunal allowed the appeal and canceled the Commissioner of Income-tax's order under section 263 of the Income-tax Act, 1961. Case-Laws Income Tax Thu, 03 Aug 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69538