Description

The ICDS is not meant to overrule the provisions of the Act, the Rules thereunder and the judicial precedents applicable thereto as they stand. ICDS I which does away with the concept of prudence is contrary to the Act and binding judicial precedents and is therefore unsustainable in law. ICDS II pertaining to valuation of inventories and eliminates the distinction between a continuing partnership business after dissolution from one which is discontinued upon dissolution is contrary to the decision of the Supreme Court in Shakti Trading Co. (supra). It fails to acknowledge that the valuation of inventory at market value upon settlement of accounts of the outgoing partner is distinct from the valuation of the inventory in the books of the business which is continuing. ICDS II is held to be ultra vires the Act and struck down as such.

Leaderboard
Rank Students Marks
#1
Erin Gonzales

+91 95134 XXXXX

250/300
#2
Erin Gonzales

+91 95134 XXXXX

220/300
#3
Erin Gonzales

+91 95134 XXXXX

200/300
#4
Erin Gonzales

+91 95134 XXXXX

150/300
#5
Erin Gonzales

+91 95134 XXXXX

230/300
#6
Erin Gonzales

+91 95134 XXXXX

270/300
#7
Erin Gonzales

+91 95134 XXXXX

270/300
#8
Erin Gonzales

+91 95134 XXXXX

270/300
#9
Erin Gonzales

+91 95134 XXXXX

270/300
#10
Erin Gonzales

+91 95134 XXXXX

270/300
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