https://www.taxtmi.com/caselaws?id=67593 The case involved a dispute over whether one or two assessments should be made following the retirement and reconstitution of a firm. The Appellate Assistant Commissioner initially directed two assessments, relying on a Rajasthan High Court decision. However, the Tribunal, considering legislative amendments, concluded that only one assessment should be made. The Judicial Member sided with the legislative amendment, setting aside the AAC's order. The Accountant Member and the Third Member disagreed, emphasizing that dissolution followed by reconstitution constituted succession, requiring two assessments. Ultimately, the Tribunal dismissed the revenue's appeal, affirming the need for two assessments due to the firm's succession. en-us Tue, 15 Sep 1987 00:00:00 +0530 Fri, 11 Mar 2011 14:59:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67593 The case involved a dispute over whether one or two assessments should be made following the retirement and reconstitution of a firm. The Appellate Assistant Commissioner initially directed two assessments, relying on a Rajasthan High Court decision. However, the Tribunal, considering legislative amendments, concluded that only one assessment should be made. The Judicial Member sided with the legislative amendment, setting aside the AAC's order. The Accountant Member and the Third Member disagreed, emphasizing that dissolution followed by reconstitution constituted succession, requiring two assessments. Ultimately, the Tribunal dismissed the revenue's appeal, affirming the need for two assessments due to the firm's succession. Case-Laws Income Tax Tue, 15 Sep 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67593