https://www.taxtmi.com/caselaws?id=15655 The High Court of MADRAS ruled in favor of the assessee in a case concerning the valuation of stock-in-trade transferred from a proprietary concern to a partnership firm. The Court held that partners have the autonomy to agree on the value of the stock, and if they choose to value it at the cost price recorded in the books of the proprietary concern, there is no legal compulsion to use a different valuation method. The Court rejected the Revenue's argument to use market price for valuation, emphasizing the importance of the partners' agreement on the valuation method in such cases. en-us Thu, 16 Jul 1998 00:00:00 +0530 Wed, 26 Aug 2009 17:01:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15655 The High Court of MADRAS ruled in favor of the assessee in a case concerning the valuation of stock-in-trade transferred from a proprietary concern to a partnership firm. The Court held that partners have the autonomy to agree on the value of the stock, and if they choose to value it at the cost price recorded in the books of the proprietary concern, there is no legal compulsion to use a different valuation method. The Court rejected the Revenue's argument to use market price for valuation, emphasizing the importance of the partners' agreement on the valuation method in such cases. Case-Laws Income Tax Thu, 16 Jul 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15655