https://www.taxtmi.com/caselaws?id=16225 The court ruled in favor of the assessee regarding the disallowance of the sales tax amount, allowing for the deduction as the sales tax liability was discharged on behalf of the assessee-firm. However, the court sided with the Revenue on the addition to the closing stock valuation, stating that in dissolved firms, closing stock must be valued at market price, not on a notional basis. en-us Wed, 29 Jul 1998 00:00:00 +0530 Tue, 01 Sep 2009 18:45:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16225 The court ruled in favor of the assessee regarding the disallowance of the sales tax amount, allowing for the deduction as the sales tax liability was discharged on behalf of the assessee-firm. However, the court sided with the Revenue on the addition to the closing stock valuation, stating that in dissolved firms, closing stock must be valued at market price, not on a notional basis. Case-Laws Income Tax Wed, 29 Jul 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16225