https://www.taxtmi.com/caselaws?id=10796 The court found in favor of the appellant, concluding that the Commissioner wrongly exercised revisional jurisdiction under section 263 of the Income-tax Act, 1961. The court emphasized that the Assessing Officer's view on the valuation of closing stock at market price following the firm's dissolution was sustainable in law since the business continued. The Tribunal's decision to value the closing stock at market price was overturned, with the court reiterating that valuation should reflect commercial practice and accounting principles, especially when the business continues post-dissolution. The appeal was allowed, ruling in favor of the appellant on both issues. en-us Fri, 06 Aug 2004 00:00:00 +0530 Sat, 25 Jul 2009 10:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10796 The court found in favor of the appellant, concluding that the Commissioner wrongly exercised revisional jurisdiction under section 263 of the Income-tax Act, 1961. The court emphasized that the Assessing Officer's view on the valuation of closing stock at market price following the firm's dissolution was sustainable in law since the business continued. The Tribunal's decision to value the closing stock at market price was overturned, with the court reiterating that valuation should reflect commercial practice and accounting principles, especially when the business continues post-dissolution. The appeal was allowed, ruling in favor of the appellant on both issues. Case-Laws Income Tax Fri, 06 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10796