https://www.taxtmi.com/caselaws?id=69572 The Tribunal upheld the CIT(Appeals) decision, ruling that the Income Tax Officer cannot substitute market value for closing stock agreed upon in dissolution accounts unless the partners' agreement is proven to be mala fide. The judgment emphasized the importance of considering the true principle of legal decisions and confirmed that revaluation of assets, particularly closing stock, was unwarranted in this case, resulting in the dismissal of the appeal. en-us Wed, 02 Dec 1992 00:00:00 +0530 Thu, 07 Apr 2011 17:00:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69572 The Tribunal upheld the CIT(Appeals) decision, ruling that the Income Tax Officer cannot substitute market value for closing stock agreed upon in dissolution accounts unless the partners' agreement is proven to be mala fide. The judgment emphasized the importance of considering the true principle of legal decisions and confirmed that revaluation of assets, particularly closing stock, was unwarranted in this case, resulting in the dismissal of the appeal. Case-Laws Income Tax Wed, 02 Dec 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69572