Case Law Details
Case Name : Madhu Rani Mehra Vs. CIT (Delhi High Court)
Related Assessment Year :
Courts :
All High Courts Delhi High Court
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When a partnership firm is dissolved and the erstwhile partner receives stock, it is a capital asset in his hands. When that asset is introduced into a business as stock, it gets converted into stock-in-trade. The value of this stock will have to be the market value on the date of introduction. The Tribunal’s reasoning that the assessee cannot value the stock introduced in the business at market value because that was not the price she paid for it is flawed because if the assessee on having received her distributed share of stock of jewellery from the dissolve
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