Continuation of prior assessment regime for firms preserves pre-amendment tax provisions for specified past assessment years. The provision preserves the pre-1987-amendment assessment rules for any firm and its partners for the assessment year commencing on the first day of April, 1988, or any earlier assessment year, by providing that the Chapter's provisions as they stood immediately before the commencement of the Direct Tax Laws (Amendment) Act, 1987, shall continue to apply to those assessments.
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Provisions expressly mentioned in the judgment/order text.
Continuation of prior assessment regime for firms preserves pre-amendment tax provisions for specified past assessment years.
The provision preserves the pre-1987-amendment assessment rules for any firm and its partners for the assessment year commencing on the first day of April, 1988, or any earlier assessment year, by providing that the Chapter's provisions as they stood immediately before the commencement of the Direct Tax Laws (Amendment) Act, 1987, shall continue to apply to those assessments.
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