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1998 (7) TMI 58 - HC - Income TaxExtract: .......ever is lower. But, in the case of a dissolved firm, the closing stock will invariably be valued at the market price. In the result, we answer the first question in the affirmative, that is, in favour of the assessee and against the Revenue. The second question is answered in the negative, that is, in favour of the Revenue and against the assessee.
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