https://www.taxtmi.com/caselaws?id=22916 The court held that upon the dissolution of a partnership firm, the valuation of closing stock should be at market value, not book value as per the partnership deed. Internal agreements among partners do not bind the Revenue, which has the right to a certain percentage of profits for income tax purposes. Precedents established that stock must be valued at market value upon dissolution to determine accurate profits or losses. The court ruled in favor of the Revenue, emphasizing the importance of calculating profits based on actual money value, not internal agreements among partners. en-us Fri, 26 Oct 1990 00:00:00 +0530 Tue, 15 Dec 2009 13:17:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22916 The court held that upon the dissolution of a partnership firm, the valuation of closing stock should be at market value, not book value as per the partnership deed. Internal agreements among partners do not bind the Revenue, which has the right to a certain percentage of profits for income tax purposes. Precedents established that stock must be valued at market value upon dissolution to determine accurate profits or losses. The court ruled in favor of the Revenue, emphasizing the importance of calculating profits based on actual money value, not internal agreements among partners. Case-Laws Income Tax Fri, 26 Oct 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22916