https://www.taxtmi.com/caselaws?id=15432 The High Court emphasized the need to value closing stock at market rate on firm dissolution to determine income accurately. The court ruled that closing stock must be valued at market price to ascertain the firm's income up to the date of dissolution, in line with partnership deed provisions and legal precedents. The judgment favored the revenue, highlighting the significance of correct valuation of closing stock upon firm dissolution for precise income assessment. en-us Tue, 01 Dec 1998 00:00:00 +0530 Thu, 06 Aug 2009 15:34:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15432 The High Court emphasized the need to value closing stock at market rate on firm dissolution to determine income accurately. The court ruled that closing stock must be valued at market price to ascertain the firm's income up to the date of dissolution, in line with partnership deed provisions and legal precedents. The judgment favored the revenue, highlighting the significance of correct valuation of closing stock upon firm dissolution for precise income assessment. Case-Laws Income Tax Tue, 01 Dec 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15432