Succession of firm: separate tax assessments apply to predecessor and successor firms under applicable income-tax provisions. Where a firm carrying on business or profession is succeeded by another firm and the case is not covered by the exception, separate income-tax assessments ... Summary
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Succession of firm: separate tax assessments apply to predecessor and successor firms under applicable income-tax provisions.
Where a firm carrying on business or profession is succeeded by another firm and the case is not covered by the exception, separate income-tax assessments shall be made on the predecessor firm and the successor firm in accordance with the assessment procedure under the Income-tax Act.
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