1989 (1) TMI 99 - HC - Income Tax

Summary

The High Court of Andhra Pradesh dismissed the income-tax case regarding the revaluation of closing stock in a partnership firm after the death of a partner. The court held that the authorities were justified in valuing the closing stock at market price when a new partnership was formed following the death of a partner. The court referred to a previous decision in V. C. Venkata Subbaiah Chetty & Sons v. CIT [1988] 171 ITR 590.