https://www.taxtmi.com/caselaws?id=15190 Closing stock may be revalued at market price where the facts require, including on dissolution of a firm, and the resulting addition was sustained. For disallowance under section 40(b), only net interest, not gross interest, is to be taken into account, so the interest disallowance was confined accordingly. The reference was answered partly for the Revenue and partly for the assessee on these two points. en-us Thu, 23 Apr 1998 00:00:00 +0530 Mon, 03 Aug 2009 15:55:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15190 Closing stock may be revalued at market price where the facts require, including on dissolution of a firm, and the resulting addition was sustained. For disallowance under section 40(b), only net interest, not gross interest, is to be taken into account, so the interest disallowance was confined accordingly. The reference was answered partly for the Revenue and partly for the assessee on these two points. Case-Laws Income Tax Thu, 23 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15190