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2001 (8) TMI 5 - SC - Income Tax
Whether, where on the dissolution of the firm the business is taken over by a partner without discontinuance and the value of the closing stock determined under the regular method of accounting is accepted by the partners in the settlement of accounts for dissolution purposes, the Officer can substitute the M.V. in respect of the closing stock alone for the purpose of determining the income of the firm up to the date of dissolution - Held, no because there was no cessation of business