https://www.taxtmi.com/caselaws?id=263973 The ITAT upheld the CIT(A)'s decision regarding the valuation of stock in trade at market price upon dissolution of the firm, emphasizing the importance of determining accurate profits or losses. The ITAT found the monetary consideration received by outgoing partners taxable, citing legal precedents and rejecting the appellant's arguments. The ITAT approved the CIT(A)'s order, noting the relevance of case laws in determining the valuation method and dismissing the appeal on all grounds raised by the assessee. en-us Fri, 07 Nov 2014 00:00:00 +0530 Fri, 25 Dec 2015 15:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263973 The ITAT upheld the CIT(A)'s decision regarding the valuation of stock in trade at market price upon dissolution of the firm, emphasizing the importance of determining accurate profits or losses. The ITAT found the monetary consideration received by outgoing partners taxable, citing legal precedents and rejecting the appellant's arguments. The ITAT approved the CIT(A)'s order, noting the relevance of case laws in determining the valuation method and dismissing the appeal on all grounds raised by the assessee. Case-Laws Income Tax Fri, 07 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263973