Firm dissolution on partner's death excludes application of clause (a) under amended income-tax provision, effective retrospectively. The amendment adds a proviso to subsection (2) of section 187 excluding the operation of clause (a) where a firm is dissolved on the death of any of its partners, and declares that the proviso is to be treated as having effect from the first day of April, 1975.
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Provisions expressly mentioned in the judgment/order text.
Firm dissolution on partner's death excludes application of clause (a) under amended income-tax provision, effective retrospectively.
The amendment adds a proviso to subsection (2) of section 187 excluding the operation of clause (a) where a firm is dissolved on the death of any of its partners, and declares that the proviso is to be treated as having effect from the first day of April, 1975.
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