TMI Blog2002 (9) TMI 54X X X X Extracts X X X X X X X X Extracts X X X X ..... solved and dissolution accounts drawn up?" – Held that where there is no cessation of business, the closing stock ought to be valued at cost or market price, whichever is lower. The assessee in this case having taken the cost which was lower than the market price, there was no scope for revising the value of the closing stock upward on the ground that the market price was higher. The question refe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 984, the firm was dissolved by a deed dated November 27, 1984. The remaining partners took over the business of the dissolved firm and continued the same in the same name and a fresh deed of partnership was entered into by them. While taking over the business of the dissolved firm, the new firm took over the closing stock as on the date of dissolution at the book value. The Assessing Officer consi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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