https://www.taxtmi.com/caselaws?id=24472 On the death of a partner, the old partnership was treated as dissolved and a new firm was constituted the next day, so the matter was one of succession rather than mere reconstitution. In that setting, the authorities were justified in valuing the predecessor firm's closing stock at market value for assessment purposes, and that approach was consistent with prior judicial authority followed by the Court. The reference was declined because no question of law arose from the Tribunal's order, and the addition based on revaluation of closing stock was upheld. en-us Mon, 23 Jan 1989 00:00:00 +0530 Wed, 20 Jan 2010 12:56:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24472 On the death of a partner, the old partnership was treated as dissolved and a new firm was constituted the next day, so the matter was one of succession rather than mere reconstitution. In that setting, the authorities were justified in valuing the predecessor firm's closing stock at market value for assessment purposes, and that approach was consistent with prior judicial authority followed by the Court. The reference was declined because no question of law arose from the Tribunal's order, and the addition based on revaluation of closing stock was upheld. Case-Laws Income Tax Mon, 23 Jan 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24472