https://www.taxtmi.com/caselaws?id=17144 For estate duty valuation, the principal value of a firm's closing stock had to be estimated at the price it would fetch in the open market at the date of death. The valuation could not ignore the disclosed discount available on purchases, and the assessing authority was entitled to treat the undisputed 12.5% discount as relevant to the stock's market value under the Estate Duty Act, 1953. On that basis, the closing stock was correctly enhanced, and the issue was answered against the accountable person and in favour of the Revenue. en-us Wed, 07 Aug 1996 00:00:00 +0530 Tue, 15 Sep 2009 13:56:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17144 For estate duty valuation, the principal value of a firm's closing stock had to be estimated at the price it would fetch in the open market at the date of death. The valuation could not ignore the disclosed discount available on purchases, and the assessing authority was entitled to treat the undisputed 12.5% discount as relevant to the stock's market value under the Estate Duty Act, 1953. On that basis, the closing stock was correctly enhanced, and the issue was answered against the accountable person and in favour of the Revenue. Case-Laws Income Tax Wed, 07 Aug 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17144