https://www.taxtmi.com/caselaws?id=70328 The Appellate Tribunal ruled in favor of the assessee in a case concerning the valuation of stock-in-trade upon the conversion of a proprietary business into a partnership firm. The Tribunal held that the valuation of closing stock at cost price by the assessee was appropriate, as the conversion occurred after the valuation date. It emphasized that the business was taken over as a going concern by the new firm, with the assessee remaining a partner. The Tribunal concluded that the conversion did not constitute a sale, and the valuation method agreed upon by the partners should be upheld, canceling the Commissioner's order. en-us Sat, 18 Aug 1984 00:00:00 +0530 Fri, 15 Apr 2011 15:24:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70328 The Appellate Tribunal ruled in favor of the assessee in a case concerning the valuation of stock-in-trade upon the conversion of a proprietary business into a partnership firm. The Tribunal held that the valuation of closing stock at cost price by the assessee was appropriate, as the conversion occurred after the valuation date. It emphasized that the business was taken over as a going concern by the new firm, with the assessee remaining a partner. The Tribunal concluded that the conversion did not constitute a sale, and the valuation method agreed upon by the partners should be upheld, canceling the Commissioner's order. Case-Laws Income Tax Sat, 18 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70328