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2002 (12) TMI 28 - HC - Income TaxWhether, Tribunal was right in holding that there was nothing wrong in the assessee valuing the closing stock at cost instead of at market price? - Whether, Tribunal was right in law in holding that there was no transfer of capital assets of the firm to the partners even though the assessee-firm stood dissolved on December 18, 1987?" - Admittedly, at no point of time, the business which was being carried on by the firm despite its dissolution had been closed during the previous year pertaining to the assessment year in question and the same set of persons continued to carry on the same as an association of persons with the same share ratio. Therefore, the Tribunal was right in holding that there was nothing wrong on the part of the Assessing Officer in valuing the closing stock at cost instead of market price as on the date of dissolution of the firm - Questions are answered in favour of the assessee and against the Department
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