https://www.taxtmi.com/caselaws?id=16396 The High Court ruled in favor of the assessee in a case concerning the valuation of stock-in-trade for income tax assessment. Emphasizing the importance of determining the real value of assets, the court held that as the opening and closing stock values were similar due to the quick dissolution of the firm, there was no escapement of income. The judgment highlighted the need to base income tax assessment on the actual value of stock-in-trade, aligning with commercial accounting principles to prevent taxing non-existent income. en-us Mon, 14 Sep 1998 00:00:00 +0530 Mon, 07 Sep 2009 15:09:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16396 The High Court ruled in favor of the assessee in a case concerning the valuation of stock-in-trade for income tax assessment. Emphasizing the importance of determining the real value of assets, the court held that as the opening and closing stock values were similar due to the quick dissolution of the firm, there was no escapement of income. The judgment highlighted the need to base income tax assessment on the actual value of stock-in-trade, aligning with commercial accounting principles to prevent taxing non-existent income. Case-Laws Income Tax Mon, 14 Sep 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16396