https://www.taxtmi.com/caselaws?id=16888 The High Court ruled in favor of the assessee, holding that valuation of stocks at market rate was not necessary following the dissolution of the assessee-firm and transfer of business to a limited company. The Court agreed with the lower authorities' interpretation that the transfer constituted a succession of business, leading to the assessment of the predecessor firm up to the date of succession and the successor company thereafter. The decision was forwarded to the Income-tax Appellate Tribunal, Cochin Bench, as required by law. en-us Fri, 20 Sep 1996 00:00:00 +0530 Sat, 12 Sep 2009 17:47:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16888 The High Court ruled in favor of the assessee, holding that valuation of stocks at market rate was not necessary following the dissolution of the assessee-firm and transfer of business to a limited company. The Court agreed with the lower authorities' interpretation that the transfer constituted a succession of business, leading to the assessment of the predecessor firm up to the date of succession and the successor company thereafter. The decision was forwarded to the Income-tax Appellate Tribunal, Cochin Bench, as required by law. Case-Laws Income Tax Fri, 20 Sep 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16888