https://www.taxtmi.com/caselaws?id=24181 The High Court of Kerala affirmed the valuation of closing stock at market value on the dissolution of a firm for income-tax assessment. The court upheld the Income-tax Appellate Tribunal's decision, which determined that the closing stock should be valued at market value, contrary to the purchase price initially used by the partners. This ruling aligns with the precedent set in Popular Workshops v. CIT, emphasizing the importance of valuing stock-in-trade at market value upon firm dissolution. en-us Wed, 22 Mar 1989 00:00:00 +0530 Mon, 18 Jan 2010 12:42:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24181 The High Court of Kerala affirmed the valuation of closing stock at market value on the dissolution of a firm for income-tax assessment. The court upheld the Income-tax Appellate Tribunal's decision, which determined that the closing stock should be valued at market value, contrary to the purchase price initially used by the partners. This ruling aligns with the precedent set in Popular Workshops v. CIT, emphasizing the importance of valuing stock-in-trade at market value upon firm dissolution. Case-Laws Income Tax Wed, 22 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24181