https://www.taxtmi.com/caselaws?id=8377 The court held that the two firms should not be treated as one entity for income-tax assessment as there was no formal dissolution of the old firm, only a reconstitution. Additionally, the Income-tax Officer was justified in reopening the proceedings under section 147(b) based on valid reasons to believe that income had escaped assessment. The court emphasized the distinction between a mere change in partnership personnel and the creation of a new assessable entity. The judgment upheld the separate assessment of the reconstituted firm and affirmed the officer's jurisdiction to reopen assessments on grounds of new information. en-us Mon, 09 Aug 1971 00:00:00 +0530 Fri, 10 Apr 2009 18:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8377 The court held that the two firms should not be treated as one entity for income-tax assessment as there was no formal dissolution of the old firm, only a reconstitution. Additionally, the Income-tax Officer was justified in reopening the proceedings under section 147(b) based on valid reasons to believe that income had escaped assessment. The court emphasized the distinction between a mere change in partnership personnel and the creation of a new assessable entity. The judgment upheld the separate assessment of the reconstituted firm and affirmed the officer's jurisdiction to reopen assessments on grounds of new information. Case-Laws Income Tax Mon, 09 Aug 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8377