https://www.taxtmi.com/caselaws?id=64642 A change in the constitution of a firm during the accounting year gave rise to two broken periods, and section 187(1) of the Income-tax Act, 1961 was applied to determine the correct mode of assessment. The Tribunal followed the jurisdictional High Court's view that, where a firm is reconstituted, assessment may be made on the reconstituted firm, but the provision does not permit a single composite assessment covering income earned before the change. Separate assessments were therefore required for each broken period, and composite assessment was not justified. en-us Mon, 16 Jun 1980 00:00:00 +0530 Wed, 09 Feb 2011 11:23:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64642 A change in the constitution of a firm during the accounting year gave rise to two broken periods, and section 187(1) of the Income-tax Act, 1961 was applied to determine the correct mode of assessment. The Tribunal followed the jurisdictional High Court's view that, where a firm is reconstituted, assessment may be made on the reconstituted firm, but the provision does not permit a single composite assessment covering income earned before the change. Separate assessments were therefore required for each broken period, and composite assessment was not justified. Case-Laws Income Tax Mon, 16 Jun 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64642