https://www.taxtmi.com/circulars?id=10404 Closing stock should be valued at market value where dissolution or succession to a business is established, but applicability of succession is a mixed question of law and fact to be decided case by case using tests of change of ownership, integrity, identity and continuity; revenue authorities may scrutinise transactions for sham devices and capital transfer consequences. en-us Wed, 17 Mar 1993 00:00:00 +0530 Mon, 13 Jun 2011 18:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10404 Closing stock should be valued at market value where dissolution or succession to a business is established, but applicability of succession is a mixed question of law and fact to be decided case by case using tests of change of ownership, integrity, identity and continuity; revenue authorities may scrutinise transactions for sham devices and capital transfer consequences. Circulars Income Tax Wed, 17 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10404