https://www.taxtmi.com/caselaws?id=283148 Chicks in a poultry business were treated as stock-in-trade rather than capital assets, because livestock could not be brought within the amended definition of "plant" in section 43(3) of the Income-tax Act. The Court also affirmed that opening and closing stock in a running business must be valued at cost or market price, whichever is lower, and rejected valuation on realisable value as inconsistent with settled commercial and accounting practice. en-us Mon, 01 Oct 2001 00:00:00 +0530 Tue, 10 Sep 2019 10:54:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283148 Chicks in a poultry business were treated as stock-in-trade rather than capital assets, because livestock could not be brought within the amended definition of "plant" in section 43(3) of the Income-tax Act. The Court also affirmed that opening and closing stock in a running business must be valued at cost or market price, whichever is lower, and rejected valuation on realisable value as inconsistent with settled commercial and accounting practice. Case-Laws Income Tax Mon, 01 Oct 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283148