https://www.taxtmi.com/caselaws?id=11310 The court upheld the Commissioner's order under section 263 of the Income-tax Act, 1961, directing the reassessment of income by valuing the closing stock at market price as on March 31, 1992, following the dissolution of a partnership firm dealing in hardware and electrical goods. The court determined that the initial valuation at cost price was erroneous and prejudicial to the Revenue, justifying the intervention under section 263. The valuation of closing stock at market price upon dissolution was deemed correct in law, ensuring accurate profit determination and appropriate taxation in the relevant assessment year. en-us Mon, 22 Dec 2003 00:00:00 +0530 Thu, 06 Aug 2009 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11310 The court upheld the Commissioner's order under section 263 of the Income-tax Act, 1961, directing the reassessment of income by valuing the closing stock at market price as on March 31, 1992, following the dissolution of a partnership firm dealing in hardware and electrical goods. The court determined that the initial valuation at cost price was erroneous and prejudicial to the Revenue, justifying the intervention under section 263. The valuation of closing stock at market price upon dissolution was deemed correct in law, ensuring accurate profit determination and appropriate taxation in the relevant assessment year. Case-Laws Income Tax Mon, 22 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11310