https://www.taxtmi.com/caselaws?id=25220 The Andhra Pradesh High Court ruled that the sale and distribution of stock proceeds by a dissolved firm did not constitute a sale to a partner post-dissolution. The court emphasized that assets distributed among partners after dissolution are not considered sales. Additionally, the court held that stock-in-trade should be valued at market price, not cost price, upon dissolution. The judgment favored the Revenue, and no costs were awarded in the case. en-us Thu, 21 Jan 1988 00:00:00 +0530 Wed, 27 Jan 2010 12:20:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25220 The Andhra Pradesh High Court ruled that the sale and distribution of stock proceeds by a dissolved firm did not constitute a sale to a partner post-dissolution. The court emphasized that assets distributed among partners after dissolution are not considered sales. Additionally, the court held that stock-in-trade should be valued at market price, not cost price, upon dissolution. The judgment favored the Revenue, and no costs were awarded in the case. Case-Laws Income Tax Thu, 21 Jan 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25220