https://www.taxtmi.com/caselaws?id=8000 The court determined that the addition of minor partners and the alteration of shares in the partnership firm constituted a change in its constitution falling under section 187(a) of the Income-tax Act of 1961. Consequently, the assessment should be conducted under section 187, assessing the firm as reconstituted. While separate consideration of the two periods may be necessary for determining individual partners' shares of profit or loss, the overall assessment should be based on the reconstituted firm. The court affirmed the assessment approach directed by the Commissioner of Income-tax and upheld by the Appellate Tribunal, clarifying the distinction between sections 187 and 188 in assessing partnership firms post-constitutional changes. en-us Mon, 02 Nov 1970 00:00:00 +0530 Thu, 26 Mar 2009 18:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8000 The court determined that the addition of minor partners and the alteration of shares in the partnership firm constituted a change in its constitution falling under section 187(a) of the Income-tax Act of 1961. Consequently, the assessment should be conducted under section 187, assessing the firm as reconstituted. While separate consideration of the two periods may be necessary for determining individual partners' shares of profit or loss, the overall assessment should be based on the reconstituted firm. The court affirmed the assessment approach directed by the Commissioner of Income-tax and upheld by the Appellate Tribunal, clarifying the distinction between sections 187 and 188 in assessing partnership firms post-constitutional changes. Case-Laws Income Tax Mon, 02 Nov 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8000