https://www.taxtmi.com/caselaws?id=8336 Income earned by a dissolved firm remained attributable to the firm and its partners up to dissolution, so a successor who was not a partner of the old firm could not be proceeded against for that pre-dissolution income in the absence of any basis showing the original partners were unavailable for assessment or recovery. Reassessment notices issued beyond the period under section 149 were not saved by section 150 because the earlier reference ruling only recorded succession to the business and did not direct assessment of the disputed income in the successor's hands. Explanation III to section 153 also did not apply where the relevant finding was absent and the affected person was not heard in the earlier proceedings. en-us Thu, 13 May 1971 00:00:00 +0530 Fri, 10 Apr 2009 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8336 Income earned by a dissolved firm remained attributable to the firm and its partners up to dissolution, so a successor who was not a partner of the old firm could not be proceeded against for that pre-dissolution income in the absence of any basis showing the original partners were unavailable for assessment or recovery. Reassessment notices issued beyond the period under section 149 were not saved by section 150 because the earlier reference ruling only recorded succession to the business and did not direct assessment of the disputed income in the successor's hands. Explanation III to section 153 also did not apply where the relevant finding was absent and the affected person was not heard in the earlier proceedings. Case-Laws Income Tax Thu, 13 May 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8336