https://www.taxtmi.com/caselaws?id=288412 Where a transferee received silver on partition and continued the seller's purchase-and-sale business in the same manner, the stock received was treated as the same class of stock in trade and entered at the donor's cost; accordingly continuity of business justified treating opening stock at book cost and computing profit on subsequent disposals against that cost. Authorities concerning conversion of asset class or revaluation on discontinuity were held inapplicable. Result: market value at partition did not govern profit calculation; the recorded cost is the operative basis and surplus is taxable as business profit. en-us Thu, 16 Aug 1962 00:00:00 +0530 Fri, 05 Jun 2020 11:02:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288412 Where a transferee received silver on partition and continued the seller's purchase-and-sale business in the same manner, the stock received was treated as the same class of stock in trade and entered at the donor's cost; accordingly continuity of business justified treating opening stock at book cost and computing profit on subsequent disposals against that cost. Authorities concerning conversion of asset class or revaluation on discontinuity were held inapplicable. Result: market value at partition did not govern profit calculation; the recorded cost is the operative basis and surplus is taxable as business profit. Case-Laws Central Excise Thu, 16 Aug 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288412