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TMI Blog1996 (9) TMI 11X X X X Extracts X X X X X X X X Extracts X X X X ..... e proceedings under section 64(1) of the Estate Duty Act, 1953, in the matter of estate duty assessment of the accountable person claiming as the legal heir of the late Shri K. P. Thomas, who expired on June 10, 1966, we are required to consider the correctness of the valuation of the closing stock which has been fixed on what is presumed to be the market value thereof. Therefore, the question exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellate authority, following the decision of the Tribunal dated February 16, 1981, took the view that the stock-in-trade would appreciate in value only if all the circumstances were favourable. The reasoning proceeded further to observe that when the stocks were available from distributors, the stock in the firm should not be sold in bulk in the open market at a higher value. However, the Income- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the extent of the market price obtainable in retail sales. The court is concerned with the process of valuation of the closing stock and the relevant date in regard thereto would be the date of death of the person in regard to whose estate proceedings are initiated. This court has held therein that fixation and valuation in the matter of closing stock is an undisputed factual situation. No other ..... X X X X Extracts X X X X X X X X Extracts X X X X
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