Supreme Court · 2001 INSC 334 · Decided 2 August 2001
Sakthi Trading CO. v. Commissioner of Income Tax, Coimbatore
- Court
- Supreme Court of India
- Citation
- 2001 INSC 334 · [2001] SUPP. 1 S.C.R. 214
- Case number
- CIVIL APPEAL No. 3818/1999
- Decided
- 2 August 2001
- Bench
- Y.K. SABHARWAL, BRIJESH KUMAR (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 263
Headnote
Income Tax: Income Tax Act, 1961-Partnershipfirm-Dissolution of firm on death C of partner-Reconstitution of firm with remaining partners without discontinuance of business-Valuation of closing stock on dissolution of firm­ Revenue valuing ii at market value-Maintainability of-Held, valuation there is no discontinuance of business. D Appellant-assessee firm was dissolved due to the death of one of the partners. The firm was reconstituted with the remaining partners from next day itself without discontinuance of business. Assessments were made by the Income Tax Officer for the two
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