Court rules in favor of assessee in partnership dissolution case for assessment year 1973-74

The High Court of Allahabad ruled in favor of the assessee in a case referred by the Income-tax Appellate Tribunal for the assessment year 1973-74. The Court upheld the Tribunal's finding that upon the death of one partner, the earlier firm dissolved, and a new firm was formed under a new partnership deed.

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The High Court of Allahabad ruled in favor of the assessee in a case referred by the Income-tax Appellate Tribunal for the assessment year 1973-74. The Tribunal found that upon the death of one partner, the earlier firm dissolved and a new firm was formed under a new partnership deed. The Court upheld this finding.

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