Valuation of Closing Stock on dissolution of firm
This query is : Resolved
12 February 2009
My colleague opined that the valuation of closing stock on dissolution of firm will be on the market price u/s 45(4). While I am of opinion that closing stock is not covered in the definition of capital assets. Please clarify with citation that Whether I am right or not.
12 February 2009
You are wrong. Closing stock is to be valued at market price upon dissolution of firm. Citation:- ALA Firm 189 ITR 285(SC).
13 February 2009
whether the citation of ALA firm 189 ITR 285 (Sc)applicable in the light of new section i.e. 45(4) with regard to requisition of closing stock on dissolution of firm.
section 45(4)has came in to existence w.e.f 01.04.1988.
section 45(4)has came in to existence w.e.f 01.04.1988.
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