https://www.taxtmi.com/caselaws?id=66586 The Tribunal allowed the Revenue's appeal, overturning the CIT(A)'s decision and upholding the Assessing Officer's order under section 154 to allocate the income of the firm among its partners. The Tribunal deemed the order valid, rectifying the omission of income allocation among partners within the permissible time frame of four years from the assessment order. The Tribunal clarified that passing such orders under section 158 must occur within a reasonable time after the assessment order, emphasizing the Assessing Officer's authority in making such determinations. en-us Thu, 26 Apr 2001 00:00:00 +0530 Fri, 04 Mar 2011 18:21:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66586 The Tribunal allowed the Revenue's appeal, overturning the CIT(A)'s decision and upholding the Assessing Officer's order under section 154 to allocate the income of the firm among its partners. The Tribunal deemed the order valid, rectifying the omission of income allocation among partners within the permissible time frame of four years from the assessment order. The Tribunal clarified that passing such orders under section 158 must occur within a reasonable time after the assessment order, emphasizing the Assessing Officer's authority in making such determinations. Case-Laws Income Tax Thu, 26 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66586