COMMISSIONER OF INCOME TAX Vs. KODER S

JUDGEMENT

(1.) THE question awaiting our answer is as follows :

(2.) READING the question it would be seen that the question has certain factual postulates that there is a dissolution of the assessee-firm and it was consequent upon the transfer of the business to a limited company and it is upon these factual postulates the question poses a problem as to whether or not it was not necessary to value the stock as per their market value.

(3.) THE assessee gets concerned for the assessment year 1981-82 for a very limited period, from April 1, 1980, up to May 31, 1980. THE assessment was completed on September 13, 1980, with reference to a total income of Rs. 43, 630 on acceptance of the income shown in the return.