https://www.taxtmi.com/caselaws?id=11207 The High Court of Delhi ruled that in a case involving the dissolution and reconstitution of a partnership firm, two separate assessments for different periods were required. The court held that the firm's dissolution, evidenced by the creation of a new partnership deed with different partners, constituted the formation of a new entity distinct from the old firm. As a result, section 187(2) of the Income-tax Act did not apply, supporting the assessee's position and rejecting the Revenue's argument. The court emphasized the clear distinction between dissolution and reconstitution, leading to separate assessments for the distinct periods involved. en-us Sat, 15 Jan 2000 00:00:00 +0530 Sat, 01 Aug 2009 18:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11207 The High Court of Delhi ruled that in a case involving the dissolution and reconstitution of a partnership firm, two separate assessments for different periods were required. The court held that the firm's dissolution, evidenced by the creation of a new partnership deed with different partners, constituted the formation of a new entity distinct from the old firm. As a result, section 187(2) of the Income-tax Act did not apply, supporting the assessee's position and rejecting the Revenue's argument. The court emphasized the clear distinction between dissolution and reconstitution, leading to separate assessments for the distinct periods involved. Case-Laws Income Tax Sat, 15 Jan 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11207