https://www.taxtmi.com/caselaws?id=11263 The court held that the formation of a new firm by original partners after the dissolution of the old firm did not constitute a transfer of assets and liabilities, thereby not contravening relevant sections. The Tribunal's decision was overturned as it incorrectly deemed the transfer as a violation. Legal precedents were cited to establish that firm dissolution does not result in asset transfers. The court emphasized that the investment allowance had been properly utilized by the old firm before dissolution, absolving the new firm from any infringement. The appeal was allowed, and costs were awarded to the appellant. en-us Wed, 05 Nov 2003 00:00:00 +0530 Mon, 03 Aug 2009 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11263 The court held that the formation of a new firm by original partners after the dissolution of the old firm did not constitute a transfer of assets and liabilities, thereby not contravening relevant sections. The Tribunal's decision was overturned as it incorrectly deemed the transfer as a violation. Legal precedents were cited to establish that firm dissolution does not result in asset transfers. The court emphasized that the investment allowance had been properly utilized by the old firm before dissolution, absolving the new firm from any infringement. The appeal was allowed, and costs were awarded to the appellant. Case-Laws Income Tax Wed, 05 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11263