https://www.taxtmi.com/caselaws?id=25813 The High Court of Kerala ruled on the valuation of closing stock for a dissolved firm for income tax assessment. The court upheld the Income-tax Officer's valuation based on market price, resulting in higher taxable income. Citing precedents from the Madras High Court, the judgment emphasized valuing assets of dissolved firms at market price, not book value. The court's decision aligned with established legal principles, directing the closing stock to be valued at market rate for dissolved firms under the Income-tax Act, 1961, differing from valuation options for continuing businesses. The Revenue prevailed over the assessee, with each party bearing their respective costs. en-us Thu, 19 Dec 1985 00:00:00 +0530 Mon, 01 Feb 2010 10:55:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25813 The High Court of Kerala ruled on the valuation of closing stock for a dissolved firm for income tax assessment. The court upheld the Income-tax Officer's valuation based on market price, resulting in higher taxable income. Citing precedents from the Madras High Court, the judgment emphasized valuing assets of dissolved firms at market price, not book value. The court's decision aligned with established legal principles, directing the closing stock to be valued at market rate for dissolved firms under the Income-tax Act, 1961, differing from valuation options for continuing businesses. The Revenue prevailed over the assessee, with each party bearing their respective costs. Case-Laws Income Tax Thu, 19 Dec 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25813