https://www.taxtmi.com/caselaws?id=18608 The Andhra Pradesh High Court ruled in favor of the Revenue, upholding the valuation of closing stock at market rate in a dissolved partnership firm for income tax assessment. The court relied on legal precedents and the principle that upon dissolution, stock should be valued at market price to reflect any surplus as taxable profits, diverging from the average cost basis. The judgment emphasized consistency with established legal principles and Supreme Court decisions, affirming the Tribunal's approach and highlighting the significance of adhering to precedents in tax matters. en-us Fri, 04 Aug 1995 00:00:00 +0530 Fri, 30 Oct 2009 16:58:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18608 The Andhra Pradesh High Court ruled in favor of the Revenue, upholding the valuation of closing stock at market rate in a dissolved partnership firm for income tax assessment. The court relied on legal precedents and the principle that upon dissolution, stock should be valued at market price to reflect any surplus as taxable profits, diverging from the average cost basis. The judgment emphasized consistency with established legal principles and Supreme Court decisions, affirming the Tribunal's approach and highlighting the significance of adhering to precedents in tax matters. Case-Laws Income Tax Fri, 04 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18608