https://www.taxtmi.com/caselaws?id=6707 Where a firm's business is succeeded to after dissolution rather than merely discontinued, assessment must be governed by the succession provision and not by the discontinuance provision. The court treated the case as one of succession under section 26(2) of the Income-tax Act, 1922, so section 44 did not apply. It also held that the assessment was not invalid merely because the wrong statutory label was mentioned, since the assessment was confined to pre-dissolution profits and the relevant notices had been issued. The assessment on the firm for the relevant year was therefore sustained as lawful. en-us Tue, 23 Mar 1965 00:00:00 +0530 Sun, 01 Feb 2009 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6707 Where a firm's business is succeeded to after dissolution rather than merely discontinued, assessment must be governed by the succession provision and not by the discontinuance provision. The court treated the case as one of succession under section 26(2) of the Income-tax Act, 1922, so section 44 did not apply. It also held that the assessment was not invalid merely because the wrong statutory label was mentioned, since the assessment was confined to pre-dissolution profits and the relevant notices had been issued. The assessment on the firm for the relevant year was therefore sustained as lawful. Case-Laws Income Tax Tue, 23 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6707