https://www.taxtmi.com/caselaws?id=8899 A partner's completed assessment can be amended consequentially when the firm's reassessment shows that the partner's share income was omitted or incorrectly included, because the liability turns on the position during the relevant previous year and not on retirement before rectification. Private relinquishment or indemnity arrangements do not displace statutory income-tax liability or bar amendment against the tax authority. The corresponding rectification power under the 1961 Act was treated as materially the same as the earlier provision under the 1922 Act, so application of section 155 to give effect to the firm's reassessment was upheld and the challenges were rejected. en-us Wed, 27 Sep 1972 00:00:00 +0530 Wed, 17 Jun 2009 10:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8899 A partner's completed assessment can be amended consequentially when the firm's reassessment shows that the partner's share income was omitted or incorrectly included, because the liability turns on the position during the relevant previous year and not on retirement before rectification. Private relinquishment or indemnity arrangements do not displace statutory income-tax liability or bar amendment against the tax authority. The corresponding rectification power under the 1961 Act was treated as materially the same as the earlier provision under the 1922 Act, so application of section 155 to give effect to the firm's reassessment was upheld and the challenges were rejected. Case-Laws Income Tax Wed, 27 Sep 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8899