https://www.taxtmi.com/caselaws?id=168341 On dissolution of a partnership during the accounting year, closing stock must be valued at prevailing market price to ascertain the true trading results of the dissolved firm. The method used for a continuing concern does not apply once the partnership has ceased to exist, because valuation must reflect profits or losses as at closure. A later takeover of the stock by one partner does not change the position for the dissolved firm, and the settlement between partners may evidence market value. The Tribunal's market-value valuation was upheld as correct in law. en-us Thu, 08 Sep 1960 00:00:00 +0530 Sat, 21 Feb 2015 14:25:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168341 On dissolution of a partnership during the accounting year, closing stock must be valued at prevailing market price to ascertain the true trading results of the dissolved firm. The method used for a continuing concern does not apply once the partnership has ceased to exist, because valuation must reflect profits or losses as at closure. A later takeover of the stock by one partner does not change the position for the dissolved firm, and the settlement between partners may evidence market value. The Tribunal's market-value valuation was upheld as correct in law. Case-Laws Income Tax Thu, 08 Sep 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168341