https://www.taxtmi.com/caselaws?id=189906 Where stock-in-trade is acquired by inheritance or testamentary disposition and introduced into a new business, the appropriate income-tax valuation for opening stock is its market value on the date of vesting, because that market value constitutes the cost or value to the new owner; this applies notwithstanding the predecessor's book values or continuity of prior accounts. The mercantile requirement of consistent valuation (cost or market, whichever lower) is acknowledged, but succession without purchase permits market value on vesting to be treated as the first purchase value for the successor's business, benefitting the assessee accordingly. en-us Fri, 27 Oct 1961 00:00:00 +0530 Wed, 25 Jan 2017 15:00:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189906 Where stock-in-trade is acquired by inheritance or testamentary disposition and introduced into a new business, the appropriate income-tax valuation for opening stock is its market value on the date of vesting, because that market value constitutes the cost or value to the new owner; this applies notwithstanding the predecessor's book values or continuity of prior accounts. The mercantile requirement of consistent valuation (cost or market, whichever lower) is acknowledged, but succession without purchase permits market value on vesting to be treated as the first purchase value for the successor's business, benefitting the assessee accordingly. Case-Laws Income Tax Fri, 27 Oct 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189906