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1998 (12) TMI 44 - HC - Income TaxExtract: .......at market price. On the death of P. Chenniappan on 6-2-1984, the firm stood dissolved and so, the closing stock as on 6-2-1984, being the date of dissolution of the firm, should be valued on the basis of market price. The view taken by the Tribunal is not justified. We answer the question in favour of the revenue and against the assessee. No costs.
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